Central Bank of UAE set to launch digital currency

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.

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