UAE Central Bank plans to roll out digital currency

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Dubai

The UAE central bank is planning to roll out a digi-tal currency as part of its 2023-2026 strategy, ac-cording to state news agency WAM.

Jurisdictions like ADGM and DIFC have introduced crypto regulations, and last year, the central bank had rolled out a virtual asset scheme.

When a cen-tral bank introduces a digital currency it is expected to support the industry as assets will back it.

The WAM report said the strategy includes support-ing digital transformation in the financial services sector by adopting the latest technologies in artifi-cial intelligence and big data, developing a strong and secure financial cloud infrastructure and sup-porting the green economy in the UAE.

The new strategy also includes the use of technol-ogy in regulatory and insurance systems, in addition to the use of a digital identity infrastructure, to en-hance financial inclusion and faster access to finan-cial services.—Zawya News

 

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