RAKBANK Receives Central Bank Approval for AED-Backed Stablecoin
- Digital Asset Expansion: RAKBANK has received in-principle approval from the Central Bank of the UAE to issue an AED-backed payment token, marking a significant milestone in its expansion into regulated digital assets, which is expected to enhance the bank's competitiveness in the digital finance market.
- Compliance Assurance: The stablecoin will be fully backed by AED reserves held in segregated and regulated accounts, ensuring holders can redeem it at par value, which combines traditional banking security with blockchain efficiency to enhance customer trust.
- Transaction Efficiency Improvement: RAKBANK states that the payment token is designed to support faster and more efficient transactions; while specific use cases are not yet disclosed, industry observers anticipate its significant role in domestic payments and remittances, driving the tokenization of future financial services.
- Innovative Strategy: RAKBANK's CEO Raheel Ahmed described the approval as a key step in the bank's long-term digital assets strategy, emphasizing that the initiative aligns with the UAE's vision for a future-ready financial system and marks an important moment as the bank celebrates its 50th anniversary, showcasing its balance between digital innovation and customer-centric banking.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK) As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 12 technical signals, shows that 5 indicators are flashing buy, while 7 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00196 | 0.0157 | 0.0261 | 0.0398 | 0.0502 | 0.0639 | 0.0743 |
| Fibonacci | 0.0157 | 0.0249 | 0.0306 | 0.0398 | 0.049 | 0.0547 | 0.0639 |
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