London Daily

Focus on the big picture.

UAE Central Bank launches digital currency strategy  

UAE Central Bank launches digital currency strategy  

The Central Bank of UAE has launched its digital currency implementation strategy, a part of the bank’s Financial Infrastructure Transformation initiative, as the emirate aims to become a regional financial hub.
Aimed at developing the proper infrastructure and technology needed to implement cyber cash, the bank signed new deals with cloud computing company Group 42 Cloud and financial digitization provider R3.

The first phase of the strategy is set to be completed in 12 to 15 months and will comprise three significant pillars, including the soft launch of mBridge which helps facilitate real value cross-border central bank digital currency transactions.

The second pillar is to create a proof-of-concept for bilateral digital currency bridges with India, which is one of the UAE’s top trading partners, while the third aspect is to prove efficiency for domestic issuance in wholesale and retail sectors.

“Central bank digital currency is one of the initiatives as part of the Central Bank’s FIT program, which will further position and solidify the UAE as a leading global financial hub,” Khaled Balama, Governor of UAE Central Bank, said.

The FIT program is a set of nine initiatives that aim to help the UAE become a regional financial hub. The implementation of the program is divided into three phases and will be fully completed by 2026.

In its first phase, the program aims to boost the UAE’s financial sector by enabling digital currency, launching a card domestic scheme, and establishing an instant payment platform.

“The launch of our digital currency strategy marks a key step in the evolution of money and payments in the country. Central Bank Digital Currency will accelerate our digitalization journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society,” Balama added.

Implementing digital currency will support the UAE in serving a secure and cost-effective form of payment.

The strategy will further strengthen the country’s payment infrastructure by providing additional payment channels and ensuring a reliable financial system.
Newsletter

Related Articles

0:00
0:00
Close
British police appear unprepared to deal with usual suspects
Russia's Ballistic Blitz on Kyiv Sends Shockwaves Through Global Stability
Multiple Tragedies and Tensions Mark Global Events: A Closer Look
Elon Musk's AfD Endorsement Ignites Controversy from neo-Nazis who accuse the AfD of being what they themselves are
Ukraine Claims Unprecedented Russian Losses: The Truth Behind Wartime Statistics
Federal Reserve Chair Powell: "We are prohibited from owning Bitcoin and are not seeking any changes to that law."
A Democratic congresswoman with blue and black hair is having a meltdown over "President Musk."
A sizable group of unauthorized migrants is traveling through Mexico with the aim of reaching the USA before Trump assumes office.
Beatles Reunion Electrifies London: Paul McCartney and Ringo Starr Ignite O2 Arena with Surprise Performance
Starmer's Envoy Engages Trump Team as UK Seeks Strategic U.S. Partnership
Britain's Retail Rebound Falters as Black Friday Splurge Dissipates
Bank of Japan's Bold Reckoning: A Decade of Unconventional Policy Under Scrutiny
Republican Discord Threatens Government Shutdown Amid Holiday Season
French Retiree Dominique Pellico Convicted for Recruiting 72 Men to Assault Wife Over a Decade
Putin Defends War Strategy as Global Tensions Rise
Putin Claims Progress as Tensions Rise: Conflict in Ukraine Intensifies
Putin's Paradox: Claiming Strength Amidst Sanctions and Isolation
Water as a Weapon: The Contentious Struggle for Survival in Gaza
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
UK Considers Sending Troops to Ukraine: A Strategic Move or Intensifying The Proxy War?
Renewed ISIS Threat Puts Syria’s Cultural Heritage in Peril
Escalation in Moscow: High-Profile Assassination and International Tensions Intensify
North Korean Troops in Ukraine: A New Cold War Frontier?
Ukraine's Bold Move: High-Stakes Assassination of Russian General in Moscow
Dubai's Technological Leap: Brain Chips and AI Board Members by 2025
Tragedy Strikes Wisconsin School as Shooting Claims Lives of Teacher and Student
UK's Calculated Gamble: Balancing Defense Aid to Ukraine and Domestic Demands
UK Intensifies Stranglehold on Russian Oil, but Does It Dampen Putin’s Resolve?
British Voter Endorsement of Reeves's Bold Tax Strategy
Nicola Sturgeon Warns of 'Toxic' Discourse: The Perils of Polarisation in Modern Politics
Levelling Down: How the Conservatives Underspent on Regional Revitalization
Alleged Chinese Espionage: The Entangled Web Beyond Prince Andrew
Starmer Navigates Diplomatic Tightrope Amid Chinese Espionage Revelations Involving Prince Andrew
Balancing Democracy and Disorder: The Trial of a Milkshake Incident
Royal Mail Enters New Chapter Under Czech Ownership
UK Companies Slash Jobs Amid Economic Strain
Kemi Badenoch Rekindles Flat Tax Debate Amid Inheritance Tax Uproar
Rewiring Whitehall: New Cabinet Secretary's Mandate for Change
Legal Battle Revives: Lucy Letby Seeks Fresh Appeal as Expert Evidence Faces Scrutiny
Accusations Fly as UK-China Relations Spark Tension Within British Politics
The Delicate Dance of Devolution: As English Council Elections Face Delays
The Alleged Chinese Spy at the Heart of British Royal Circles: Yang Tengbo Unmasked
Prince Andrew Withdraws from Royal Christmas Amidst Chinese Espionage Scandal
EU Takes Legal Action Against UK Over Allegedly Neglected Rights of EU Citizens
Disaster Strikes: Oil Spill in the Black Sea and Cyclone Devastation in Mayotte
Oil Tanker Disaster in the Kerch Strait: A Confluence of Environmental Catastrophe and Geopolitical Tensions
Olaf Scholz’s Gamble: The Collapse of Germany’s Coalition Government and the Path to Early Elections
Keir Starmer's 'Sycophantic' Tone: Tensions Rise Over UK-China Relations
Trump Recognizes Partial Advances in Ceasefire Attempts in Ukraine Conflict
UK Navigates Complex Global and Domestic Challenges Amid Security, Environmental, and Health Concerns
×