DUBAI – The United Arab Emirates will launch its first digital currency by 2026, according to the central bank of the oil-rich Gulf state, which serves as the region’s financial hub.
As CUToday.info has reported, the UAE initiatives one of several being rolled out or planned by central banks around the world, as many remain critical of de-centralized cryptocurrencies like Bitcoin.
The UAE’s central bank said its plans include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions.”
The announcement is part of the central bank’s “2023-2026 strategy” which aims to “position it among the world’s top 10 central banks,” The Arab Weekly reported.
In 2019, Saudi Arabia and the UAE announced a test phase of a common cryptocurrency for cross-border transactions.