The world truly is going digital and that can’t be totally complete till currencies are also digital as well. Countries like Egypt, Iran, UAE are planning to adopt Blockchain and digitize their national fiat.
First on the list is Egypt, according to the sub-governor of the Central Bank of Egypt, Ayman Hussein said that Egypt is considering digitizing its national fiat, the Egyptian Pound.
Talking to Amwal Al Ghad, which is a local news outlet in Egypt, he said that the “feasibility studies” are currently being conducted for that to happen. “Going digital will reduce issuance and transaction costs”, Hussein concluded.
Apart from Egypt, other countries are looking to adopt Blockchain as well. Alireza Daliri, who is Iranian deputy for Management Development and Resources to the Vice President for Science and Technology has stated that Blockchain can help the Iranian economy.
He also noted that they need to collaborate with international institutions for that to happen. Highlighting its immutability and ability to streamline bureaucratic process as one of its advantages.
Even though we previously reported about the United Arab Emirates building it’s first blockchain-based project. The Central Bank of the United Arab Emirates (CBUAE) recently clarified that the regulatory authority isn’t using digital currency yet.
According to the Bank, they are working closely with the Saudi Arabia Monetary Authority (SAMA) on a Blockchain project that will be revealed in 2019.