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UAE Central Bank set to launch digital currency by 2026

In line with its aim to be among the world’s top 10 central banks, the UAE Central Bank (CBUAE) has set its priorities for 2023-2026, including the launch of a digital currency.

According to CBUAE’s statement, its strategy involves seven objectives to help drive the country’s digital transformation ambitions, primarily focused on financial services. Moreover, they emphasized utilizing the latest artificial intelligence and big data solutions.

While UAE’s innovation strategy is aimed at streamlining inspection, monitoring, and insurance systems through technology, the government will involve the use of the UAE Pass to bolster financial inclusion and easy access to financial services.

The UAE government also envision developing a secure cloud infrastructure for consistent innovation, to stay in line with its goal of global fintech disruption and the Green Economy initiative from Vision 2021.

While numerous GCC countries have previously expressed their readiness with regards to digital technologies, the UAE becomes the first regulator to announce interest with a fixed timeline. In retrospect, in 2019, Saudi Arabia and the UAE announced a test phase of a common cryptocurrency to be used for cross-border transactions