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UAE unveils new Dirham symbol, following Saudi Arabia

Summary by Al Bawaba

ALBAWABA - The Central Bank of the UAE, responsible for managing currency, monetary policy, and banking and insurance regulation, has unveiled the new Dirham symbol to promote financial and monetary stability, following Saudi Arabia's lead...

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UAE unveils new Dirham symbol, following Saudi Arabia

3 days ago·Amman, Jordan

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Cryptopolitan

Sonic Labs ditches algorithmic stablecoin in favor of UAE dirham alternative

Sonic Labs is ditching its algorithmic stablecoin in favor of a UAE dirham alternative, its co-founder, Andre Cronje, has confirmed. The platform had initially harboured plans to launch a US dollar pegged algorithmic stablecoin, but has now opted to instead develop an alternative that will be denominated in the United Arab Emirates dirham. The Sonic Labs co-founder had initially confirmed that the company was working on the dollar-pegged stablec…

2 days ago

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Sonic Labs Drop USD Stablecoin Plan Amid US Regulations - Here’s Why!

The post Sonic Labs Drop USD Stablecoin Plan Amid US Regulations – Here’s Why! appeared first on Coinpedia Fintech News Sonic Labs has suddenly dropped its plan to launch a USD-backed algorithmic stablecoin, shifting its focus to a UAE dirham-backed alternative. The decision comes as stablecoin regulations tighten in the US, thus, the company is shifting its focus to the United Arab Emirates (UAE) dirham. Sonic Labs’ Sudden U-Turn Just a week af…

2 days ago

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coinstats.app

CoinStats - Sonic Labs Drop USD Stablecoin Plan Amid US R...

2 days ago

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CryptoPanic

Sonic Labs Drop USD Stablecoin Plan Amid US Regulations – Here’s Why!

The decision comes as stablecoin regulations tighten in the US, thus, the company is shifting its focus to the United Arab Emirates (UAE) dirham. Sonic Labs’ Sudden U-Turn Just a week after hinting at …

2 days ago

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World NEWS Live

Sonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative - WorldNL Magazine

Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%, Cointelegraph reported.However, one week later, the firm reversed course.“We will no longer be releasing a USD ba…

2 days ago

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