The United Arab Emirates plans to implement a central bank digital currency (CBDC) as early as 2023-26. The main aim is to make the UAE Central bank, one of the top 10 banks in the world and to digitally transform its financial sector.
According to a report by Gulf News, this 2023-2026 roadmap includes seven objectives, including CBDC rollout. It also includes digital transformation in the UAE financial services sector through utilising cutting-edge artificial intelligence and big data technologies. They will use technology to look over, keep track of, and ensure the bank’s system. It will also use the UAE digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy access to financial services.
UAE is looking to develop secure cloud infrastructure to operate financial and insurance services. The strategy also promotes a sustainable approach towards digital development by strengthening the UAE’s ‘green economy’ mission. They will continue working to develop more creative financial infrastructure to boost the UAE’s competitiveness in this field.
CBUAE launched a survey titled “Future Expectations and Needs of Partners Survey”. It will assist the UAE in its Centennial 2071 goal of “becoming the best country in the world”. This survey is to be conducted on July 15.
The UAE and some of the other Gulf economies have talked about introducing digital currencies at some stage. China is currently the leading country in the race of CBDC. Recently, Vietnam’s prime minister also showed interest in trailing a digital currency. The UAE regulator has established a defined schedule by including it in its 2023-2026 roadmap.
