The UAE Central Bank (CBUAE) has announced plans to introduce digital currency in the country, according to state news agency WAM.
The move, which is part of CBUAE’s 2023-2026 strategy, is aimed at positioning the organisation among the world’s top 10 central banks.
According to CBUAE, the strategy includes 7 objectives, including the issuance of a digital currency and driving digital transformation in the UAE’s financial services sector by utilising the latest artificial intelligence and big data solutions.
CBUAE also seeks to leverage technology across inspection, monitoring and insurance systems. In addition, the organisation will also utilise the UAE’s digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy 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,” CBUAE said in the statement to WAM.
In the statement, CBUAE reiterated that its strategy is in line with the objective of the UAE Centennial 2071 to make the country one of the most developed economies globally.
CBUAE has also launched a survey titled ‘Future Expectations and Needs of Partners Survey’, which is scheduled to be conducted on 15th July, 2021, urging its partners to participate.
