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CBDC in UAE: the terms of development were outlined in the media

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CBDC in UAE

CBDC in UAE: the terms of development were outlined in the media

The Central Bank of the United Arab Emirates has announced the development of CBDC in the UAE. The development strategy is scheduled for 2023-2026, according to Gulf News.

According to the newspaper, the regulator intends to enter “the top ten central banks in the world.”

In addition to the launch of the CBDC, the document talks about digital transformation in the financial sector, supporting the UAE’s efforts to create a green economy and continuing to develop innovative infrastructure to increase the competitiveness of the region.

As a reminder, in 2019, the UAE and Saudi Arabia announced a collaboration to create a new digital currency for cross-border payments.

At the end of November 2020, the parties announced that the CBDC released as part of the Aber project showed the technical viability of the concept. The authors of the report noted its “significant superiority over centralized payment systems in the context of architectural sustainability.”

Recall that in July 2021, experts from the Bank for International Settlements recommended that global regulators pay more attention to the use of CBDC in cross-border transfers than to use it in applications within the country.

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