UAE Central Bank Unveils Plan to Launch Digital Currency – Bitcoin News


UAE Central Bank Unveils Plan to Launch Digital Currency

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 world’s top 10 central banks.

  • A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) revealed Monday its plan to issue a state-backed digital currency within the next five years.
  • The announcement was part of the central bank’s “2023-2026 strategy” to “position it among the world’s top 10 central banks.”
  • There are seven objectives in total, according to Gulf News. Among them was “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions.”
  • The UAE’s Securities and Commodities Authority (SCA) published its decision on cryptocurrency regulation on Nov. 1, 2020, after consulting with the crypto industry and the public. The document describes the SCA’s licensing regime for anyone wanting to offer crypto-related services within the UAE. It covers 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.
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central bank digital currency, UAE, uae bitcoin, uae cbdc, UAE central bank, uae crypto, uae crypto regulation, uae cryptocurrency, uae digital currency

What do you think about the UAE central bank launching a digital currency in five years? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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