CBUAE to Introduce Digital Currency

Emirates News Agency (WAM)  reported the Central Bank of the UAE (CBUAE) plans to issue a digital currency as part of its 2023-2026 strategy.

The 2023-2026 strategy aims to position the CBUAE among the world’s best ten central banks and support digital transformation in the financial services sector by deploying the latest technologies in artificial intelligence (AI) and big data.

The strategy includes supporting the green economy in the UAE and developing a more innovative financial infrastructure.

The ‘govcoin’ or CBDC (central bank digital currency) is one of seven initiatives that seek to boost digital transformation in the financial services industry of the Gulf country listed in the CBUAE’s 2023 to 2026 strategy, which will also involve adopting the latest AI and big data solutions and accelerating the adoption of cloud computing.

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