The Central Bank of UAE is planning to launch its digital currency according to reports emanating from Gulf News. The financial regulator has earmarked its goal for 2023-2026 as it aims to join the list of the top Ten Central banks in the world.
This goal which includes introducing a digital currency is divided into seven objectives.
As a result, the Middle East country is set to experience sweeping digital modifications in the financial services sector.
To allow a seamless transformation, the Central Bank of UAE will employ several tech-backed systems including the UAE’s digital ID pass, artificial intelligence, and big data solutions.
- The United Arab Emirates and some Gulf economies have discussed the possibility of introducing digital currencies.
- Developing a cloud infrastructure that will support the financial and insurance services is top on the country’s agenda.
- The Central Bank of UAE will conduct a survey ‘Future Expectations and Needs of Partners Survey’ on the 15th of July 2021 to test the appetite of potential partners.