The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the 10 largest central banks in the world.
- A growing number of central banks around the world are working to adopt central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) announced on Monday its plan to issue a government-backed digital currency within the next five years.
- The announcement was part of the central bank’s “Strategy 2023-2026” to “position it among the top 10 central banks in the world”.
- According to Gulf News, there are a total of seven destinations. Among them was “Issuing a digital currency and promoting digital transformation in the UAE financial services sector through the use of the latest artificial intelligence and big data solutions”.
- The UAE’s Securities and Commodities Authority (SCA) published its decision to regulate the cryptocurrency on November 1, 2020 after consulting the crypto industry and the public. The document describes the SCA’s licensing regime for anyone wishing to offer crypto-related services within the UAE. It includes Initial Coin Offerings (ICOs), exchanges, marketplaces, crowdfunding platforms and custodian services.
- Chainalysis’ Global Crypto Adoption Index, published last September, ranked the UAE fifth in the Middle East.
What do you think of the UAE central bank launching a digital currency in five years? Let us know in the comment section below.
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