UAE Central Bank launches digital currency strategy  

UAE Central Bank launches digital currency strategy  

RIYADH: The Central Bank of UAE has launched its digital currency implementation strategy, a part of the bank’s Financial Infrastructure Transformation initiative, as the emirate aims to become a regional financial hub.

Aimed at developing the proper infrastructure and technology needed to implement cyber cash, the bank signed new deals with cloud computing company Group 42 Cloud and financial digitization provider R3.

The first phase of the strategy is set to be completed in 12 to 15 months and will comprise three significant pillars, including the soft launch of mBridge which helps facilitate real value cross-border central bank digital currency transactions.

The second pillar is to create a proof-of-concept for bilateral digital currency bridges with India, which is one of the UAE’s top trading partners, while the third aspect is to prove efficiency for domestic issuance in wholesale and retail sectors.

“Central bank digital currency is one of the initiatives as part of the Central Bank’s FIT program, which will further position and solidify the UAE as a leading global financial hub,” Khaled Balama, Governor of UAE Central Bank, said.

The FIT program is a set of nine initiatives that aim to help the UAE become a regional financial hub. The implementation of the program