UAE Central Bank set to roll out digital currency

UAE Central Bank set to roll out digital currency

The Central Bank of the UAE aims to introduce digital currency as part of its 2023-2026 strategy, state news agency WAM reported on Monday. The strategy, in line with the growing worldwide disruptive trend initiated by the International Monetary Fund and the World Bank along with the G-20, 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. "CBDCs (central bank digital currencies) offer the opportunity to start with a 'clean slate.' It is crucially important that central banks take the cross-border dimension into account," Jon Cunliffe, chair of the Committee on Payments and Market Infrastructures and deputy governor for Financial Stability of the Bank of England, said in a report prepared for the G20 meeting in Italy. The CBUAE has already taken several steps in its move to create a digital currency in February 2021. The UAE regulator and the Digital Currency Institute (DCI) of the People's Bank of China (PBC) have joined a central bank digital currency project for cross-border foreign currency payments. The m-CBDC Bridge initiative is run in partnership with the BIS Innovation Hub, the Hong Kong Monetary