The United Arab Emirates has achieved another milestone as the economic free zone within Abu Dhabi has completed the first phase of its blockchain-based project.
According to the report by Crypto Digest, the project is a Know-Your-Customer (KYC) utility project which is being processed by audit firm KPMG and the Financial Service Regulatory Authority (FSRA).
Although, the Financial Service Regulatory Authority has previously criticized traditional KYC systems. The organisation also went ahead to call them “cumbersome, repetitive and cost intensive”.
According to the FSRA, the KYC systems are using their inefficient data sharing to shackle financial institutes.
The Blockchain-based project will “radically simplify” the KYC process for the benefit of clients and institutions alike, the FSRA concluded.
Roger Ver, who is an advocate of Bitcoin Cash has stated that the future of cryptocurrencies is brighter than ever.
“There is more awareness, there is more adoption, there is more stuff happening all over the world”, Ver stated in an interview with Bloomberg.
The cryptomarket on the other hand doesn’t seem to be recovering anytime soon from one of the biggest dips of the year. Bitcoin is trading below $3,700 losing 5% in price in the past 24 hours, while other cryptocurrencies crashed as well.