No National Crypto In Estonia, New Blockchain Project in the United Arab Emirates

This article was published on: 06/4/18 9:28 PM

Marcin IwańskiWritten by | blockchain, cryptocurrency, event

No National Crypto In Estonia | Blockchain24.co

Abu Dhabi blockchain project

Silsal is a new blockchain project which has been developed and released by Maqta Gateway LLC a company which is wholly owned subsidiary of Abu Dhabi Ports.

According to Construction Business News, Silsal was created to fill the gap in a transport technology. The new project will help exporters and importers with easy transactions and with their public status. Finally, Silsal will reduce paperwork, calls, and meetings with customers after the transaction.

This new blockchain-based solution wants to improve efficiency in the shipping and logistics industry.

Silsal was developed in Digital Innovation Lab of Maqta Gateway and tested with their strategic customers.

CEO of Maqta Gateway Dr. Noura Al Dhaheri commented the whole project:

“Technology is a crucial driver for the future of the shipping, logistics, and trade industry and blockchain is a key step in the digitalization of trade. Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.”

No For National Cryptocurrency

Estcoin – a project of Estonian government-based cryptocurrency will not be released. After a wave of criticism from the President of the European Central Bank; Mario Draghi and local bank officials, the government rolled back from the idea as the Bloomberg reports.

In August 2017, Kaspar Korjus the managing director of the Estonian e-residency program proposed a project of developing and issuing an Estonia-based cryptocurrency.

For the start, the cryptocurrency could have been the first national virtual currency and next could evolve into the official currency for the country’s e-residency program. Estcoin would help foreigners sign documents with electronic identification, e.g.,  while the opening company in Estonia.

However, the President of the European Central Bank said that currency of the eurozone is the euro, and no member of the state can issue its own currency while using euro.

Estcoins will now only be given as an impetus to e-residents, according to Siim Sikkut, an official in charge of the country’s IT strategy.

“We agreed in discussions with politicians that Estcoin will proceed as a means for transactions inside the e-resident community,” Sikkut said. “Other options aren’t on the table. We’re not building a new currency.”

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Last modified: June 5, 2018

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