WTK Lays Bullish Foundation as WadzPay Fuels CBUAE’s Approval for CBDC and Digital Dirham Stablecoin

July 4, 2024 at 10:31 AM GST 2 mins read Crypto Live News

WadzPay lays a strong foundation in the UAE by supporting the country’s financial innovation initiatives.
The UAE is working on a CBDC and a Digital Dirham stablecoin.
WadzPay (WTK) holders prepare for massive upward surge amidst tier-1 listing anticipation.

Market action has no effect on WadzPay’s progress in broadening blockchain applications to simplify seamless financial transactions across the globe. In its latest announcement WadzPay (WTK) shares its latest efforts in the UAE.

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@WadzPay Welcomes CBUAE’s Approval of Series of Initiatives to Support Financial Infrastructure

The UAE Central Bank's progressive approach to digital currencies is a major win for financial innovation and market confidence!

➡️ Swipe to understand how the Central Bank Digital… pic.twitter.com/SQCbsEazdN
— WadzPay (@WadzPay) July 4, 2024

In detail, WadzPay has welcomed CBUAE’s approval of a series of initiatives to support its financial infrastructure. What this means is that the UAE Central Bank has taken a progressive approach towards digital currencies. This move marks a major win for the nation’s continued effort in financial innovation and boosts overall market confidence.

The post then dives deep into explaining how a Central Bank Digital Currency (CBDC) and stablecoin regulation will shape a new innovative future for finance in the UAE. The initiative was led by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE.

The CBUAE Board went through the meeting’s agenda and discussed the progress and projects under this initiative. The main topic of discussion was the Financial Infrastructure Transformation Programme (FIT Program).

Under the FIT Program came the Central Bank Digital Currency discussion pertaining to the Digital Dirham and the Jaywan Domestic Card Scheme along with the Instant Payments Platform.

The progress of the CBDC agenda was well noticed and commended. The meeting also approved the issuance of a regulation for licensing and overseeing stablecoins. In fact, a series of policies aimed at supporting insurance and banking sectors was set in place for financial infrastructure.

All in all, it seems WadzPay is leaving big footprints in the UAE already. Having received its VASP and VARA approvals and license, WadzPay is already laying down the groundwork. Meanwhile, WTK analysts notice a falling wedge pattern unfurling in the WTK charts and expect major price action soon.