Abu Dhabi Introduces Crypto Taxi Payments Using Dirham-Backed AE Coin

Abu Dhabi integrates AE Coin stablecoin into taxis, pioneering smart city payments. AEC Wallet enables secure, fee-free transactions, boosting financial inclusion. AE Coin gains traction in sectors like aviation, signaling broader UAE adoption. In a landmark development, Abu Dhabi has become the first city in the world to integrate a stablecoin pegged to its national currency into public transportation payments. Residents and visitors can now pay for taxi rides using AE Coin, a digital currency fully backed by the UAE dirham. This initiative represents a significant stride in the city’s ambition to build a digitally connected transportation network and reinforces the UAE’s broader vision for financial innovation. Regulators and Banks Drive Real-World Adoption This world-first project is a public-private partnership between Abu Dhabi’s Integrated Transport Center (ITC), the private operator Tawasul Transport, and Al Maryah Community Bank (Mbank). Passengers can now make secure payments by using the AEC Wallet app to scan a QR code inside any Tawasul taxi. The system is designed to be seamless, secure, and to promote the adoption of cashless tran… The post Abu Dhabi Introduces Crypto Taxi Payments Using Dirham-Backed AE Coin appeared first on Coin Edition .

Source: Coin Edition