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UAE to launch digital currency

UAE to launch digital currency

The UAE is to launch its first digital currency by 2026, the Central Bank of the United Arab Emirates (CBUAE ) has announced.

The bank said plans include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilising the latest artificial intelligence and big data solutions”.

The move is part of its ‘2023-2026 strategy’, designed to position it among the world’s top 10 central banks.

The CBUAE told the Gulf News website that its strategy comprised of seven objectives, including the issuance of the digital currency – known as CBDCs or ‘Govcoins’ – and driving digital transformation in the UAE’s financial services sector.

The strategy will also see technology used in inspection, monitoring and insurance systems, in addition to utilising the UAE’s digital ID infrastructure (UAE Pass) to bolster financial inclusion and improve access to financial services.

“Besides seeking to develop advanced and secure cloud infrastructure to operate financial and insurance services, the strategy aims to support the UAE’s green economy efforts and continue work to develop more innovative financial infrastructure to boost the UAE’s competitiveness in this field,” the bank said.