UAE Central Bank plans to roll out digital currency

UAE Central Bank plans to roll out digital currency

The UAE central bank is planning to roll out a digital currency as part of its 2023-2026 strategy, according to state news agency WAM. Jurisdictions like ADGM and DIFC have introduced crypto regulations, and last year, the central bank had rolled out a virtual asset scheme. When a central bank introduces a digital currency it is expected to support the industry as assets will back it. The WAM report said the strategy includes supporting digital transformation in the financial services sector by adopting the latest technologies in artificial intelligence and big data, developing a strong and secure financial cloud infrastructure and supporting the green economy in the UAE. The new strategy also includes the use of technology in regulatory and insurance systems, in addition to the use of a digital identity infrastructure, to enhance financial inclusion and faster access to financial services. The Securities and Commodities Authority (SCA) of the UAE had released a regulatory framework in 2020 for Crypto Assets. The purpose of this regulation is to regulate the offering, issuance, listing, and trading of crypto assets in the state, as well as associated financial activities. However, it excluded the Central Bank of UAE, crypto assets issued by the