Dubai – Mubasher: Emirates House Group (EHG) has announced issuing a new global digital cryptocurrency under the name of “Farad”, Alittihad newspaper reported on Wednesday.
The cryptocurrency’s first issuance process (pre-selling) is scheduled to launch during the period from 25 August to 14 September, the group’s CEO Abdulla Mangoosh told the newspaper.
Following the first step is the actual issuance stage, which will take place during the period between 15 and 30 September 2017, he added.
Mangoosh also noted that 1.28 billion of the ‘farad’ cryptocurrency will be offered for sale on the company’s platform.
What makes the ‘farad’ cryptoken special is that it will be the first digital currency backed by real economic activity, EHG’s CEO clarified, noting that the initial issuance price will amount to 10 cents.
Some UAE banks have already started using the digital cryptocurrencies such as bitcoin in several transactions.
These cryptocurrencies have been approved by some shopping and entertainment outlets, Mangoosh said.
