UAE announces CBDC launch after 2023

    As Gulf News reported, the United Arab Emirates plans to implement a central bank digital currency (CBDC) as early as 2023, as outlined in a road map for the UAE economic future. According to the three-year plan for 2023-2026 that announces the launch of its digital currency, the Central Bank of the UAE (CBUAE) intends to become among the top 10 regulators worldwide.

    This 2023-2026 roadmap involves seven objectives, including a CBDC launch, to help realize the UAE’s digital transformation ambitions, focusing on financial services. This transformation will be heavily integrated with the latest artificial intelligence and big data approaches, as Gulf News reported.

    While various Gulf countries have recently outlined their intentions to experiment with digital technologies, the CBUAE becomes the first regulator to appoint a roadmap with a fixed timeline.

    The UAE’s innovation strategy is aimed at digital modernization of “inspection, monitoring and insurance systems,” the government will develop the UAE Pass, a digital identity system for keeping track of citizens “to bolster financial inclusion and easy access to financial services.”

    According to its aims amid the global fintech revolution and the Green Economy initiative from Vision 2021, the UAE government figures out a secure cloud infrastructure’s development to maintain successive innovations.

    Also,  reportedly a survey launch named “Future Expectations and Needs of Partners Survey” has been scheduled by CBUAE for July 15, 2021.

    As earlier reported, the Vietnamese Prime Minister Phạm Minh Chính shared this month his interest in trial a digital currency “as part of his wider e-government development strategy.” While a crypto presence in mainstream finance getting stronger day by day, governments around the world are starting their trials to use Bitcoin and central bank digital currencies (CBDCs) within their own financial systems.

    Source: https://cointelegraph.com/news/uae-to-experiment-and-launch-an-in-house-digital-currency

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