Media: UAE outlines timelines for CBDC development

The Central Bank of the United Arab Emirates announced the development of its own digital currency (CBDC) in the Development Strategy for 2023-2026, according to Gulf News.

According to the report, the regulator intends to enter the ranks of the world’s top 10 central banks.

In addition to the CBDC launch, the document mentions digital transformation in the financial sector, supporting the UAE’s efforts to build a green economy, and continued work on developing innovative infrastructure to boost the region’s competitiveness.

In 2019, the UAE and Saudi Arabia announced cooperation to create a new digital currency for cross-border payments.

In late November 2020, the parties stated that the CBDC released under the Aber project demonstrated the technical viability of the concept. The authors of the report noted its “significant superiority over centralized payment systems in the context of architectural resilience”.

Earlier in July 2021, BIS experts recommended that global regulators pay more attention to the use of CBDC in cross-border payments, than its use in domestic applications.

Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news feed, ForkLog — the most important news, infographics and opinions.