UAE to launch digital currency over the next five years

Syed AhadWeb Editor

12th Jul, 2021. 11:24 pm

The Central Bank of the oil-rich Gulf state, which serves as the region’s financial hub, announced on Monday that the UAE will launch its first digital currency by 2026.

Several Central Banks around the world have recently revealed similar plans and criticized the bitcoin.

The Central Bank of the United Arab Emirates has announced its goals, which include “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 announcement is part of its “2023-2026 strategy” which aims to “position it among the world’s top 10 central banks”, stated the Central Bank to state media.

Saudi Arabia and the United Arab Emirates have established a program for a common cryptocurrency for cross-border transactions in 2019.

The UAE has great tech goals, investing in AI, creating a space program, and having the regional headquarters of massive international digital companies.

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