Cryptocurrency will be tested for utility payment in Oman

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Muscat – In a first-of-its-kind experience in the financial technology sector in the Sultanate, Oman Water and Wastewater Services Company (OWWSC) and Digital Digits (Easy Coins) have signed MoUs with Connected Chains to test stablecoin Hasalah Digital Wallet for payments.

The agreements were signed by HH Sayyid Azzan bin Qais al Said, co-founder, on behalf of Digital Digits, and Qais bin Saud al Zakwani, CEO, on behalf of OWWSC, with Nabil Salim al Siyabi, co-founder of Connected Chains.

The agreements indicate both OWWSC and Digital Digits’ interest in being part of a first-of-its-kind fintech trial in Oman, in which a cryptographic digital stablecoin, pegged to the value of the Omani Rial, can be tested for payment of subscriber dues, at a number of OWWSC customer service rooms and online on Digital Digits’ Easy Coins crypto brokerage platform, using the Hasalah digital wallet.

On the occasion, His Highness Sayyid Azzan said, “We are proud to allow such a trial within the Sultanate, which in turn will enhance the competitiveness of Easy Coins’ service to match global players in this space. Easy Coins customers will benefit significantly from the reduced cost of payment processing fees for using our service with Hasalah.

Easy Coins allows people in Oman to buy and sell cryptocurrency locally.

“In line with OWWSC’s ambition to keep pace with digital transformation and provide our customers with innovative options to pay their monthly dues, we are extremely pleased to enter into this partnership, through which we hope our customers will benefit from a new experience for paying bills through the Hasalah wallet when it launches,” Zakwani said.

In turn, Siyabi said, “We are excited to work with OWWSC, Easy Coins and other relevant stakeholders to tokenize the Omani Rial to enable real benefits. We welcome any other public or private entity interested in accepting the tokenized Omani Rial once fully deployed with its associated benefits.

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Elaine R. Knight