UAE to issue digital national currency

UAE to issue digital national currency

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Author: Robert Strickland
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UAE to issue digital national currency
Authorities in the United Arab Emirates will make the state a "cashless society" with a digital currency

The Central Bank of the United Arab Emirates (CBUAE) will issue a digital currency (CBDC). The regulator announced the launch of the Financial Infrastructure Transformation Program (FIT program), aimed at accelerating the digitalization of the financial services sector.

The program includes several key initiatives. In the first phase, the UAE plans to create a Card Domestic Scheme, launch an Instant Payments Platform, and issue CBDCs for cross-border and domestic use. According to CBUAE, this will increase financial inclusion, improve payment security and efficiency, and bring the country closer to its goal of becoming a "cashless society.

In the next phase of the FIT program, the country will develop and implement digital infrastructure, including the Financial Cloud, eKYC (Know Your Customer), and other platforms. According to the document, the FIT program initiatives are scheduled to be completed in 2026.

The Dubai Virtual Assets Regulatory Authority (VARA), the emirate's regulator, published new regulations on virtual assets and related activities last week in Dubai. The document established mandatory licensing of crypto companies in the emirate and banned the issuance and operations of algorithmic stablecoins.

 

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