DMCC Supports Stable Coins for Blockchain Precious Iron Refinery in Dubai

04月
21
2021-4-21 18:21
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According to the Cointelegraph, the Dubai Commodity Center (DMCC, a free trade zone created by the government of Dubai) has signed an agreement with REIT Development to develop high-value metal products using blockchain technology. These beautiful metals provide valuable jewelry for durable coins such as gold coins, silver coins, rhodium coins, palladium coins and platinum coins. This stable coin will run on the Ethereum network and connect to the current value of each gram of precious metal. According to the announcement, stable coins backed by precious metals will be traded on the DMCC gold mine. Construction is expected to be completed by the end of 2022. Mike De Vries, COO of REIT Development, said blockchain technology could transform the steel industry profitably. “Blockchain technology can allow for greater transparency and better tracking of precious metals. We believe that by 2025 all metal smelters and warehouses will be using blockchain technology,” he added.

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