The United Arab Emirates is working on its own CBDC (Central bank digital currency), according to the news published today by the Emirates News Agency.
The United Arab Emirates plans to join the list of countries that plan to issue its own digital currency. According to the statement made by the country’s central bank today, this study is one of the 7 strategic goals that the country plans for 2023-2026 .
Announcing that the latest technology artificial intelligence and big data will be used, the UAE Central Bank explained that the reason for these efforts is to be among the 10 largest central banks in the world . It was also among the statements that these strategies were to support digital transformation.
The UAE, along with China, joined the “ Multiple CDBC Bridge ” cryptocurrency project for cross-border payments in February . Before that, the UAE and Saudi Arabia,Project Aber announced that it is working on common cryptocurrencies within the scope of the project.
The number of countries planning to issue their own central bank digital currency (CDBC) is increasing day by day. In March, the President of the European Central Bank, Christine Lagarde, also said that the ” digital euro” could appear in the coming years.
It is said that after this decision of the country, small middle eastern countries may follow the UAE.