UAE plans to issue digital currency – Roya News English

UAE plans to issue digital currency – Roya News English

The Central Bank of the Emirates intends to issue a digital currency, in the first step of its kind in the Arab world, according to what was announced by the state news agency in the wealthy country, which has been leading a major digital transformation for years.

Many central banks around the world are exploring issuing their own digital currencies, in the face of the increasing popularity of cryptocurrencies and the high rates of online payments during the COVID-19 pandemic.

The Emirates News Agency said on Monday that the central bank's strategic plans between 2023 and 2026 include seven goals, "including issuing a digital currency and supporting digital transformation in the financial services sector (...) by adopting the latest technologies in artificial intelligence."