UAE to explore and dispatch an in-house advanced currency

The Cumulated Arab Emirates becomes the latest country to join the race for experimenting with an in-house digital currency. According to the three-year plan for 2023-2026 that promulgates the launch of its digital currency, the Central Bank of the UAE, or CBUAE, intends to stand among the top 10 central banks across the world.

CBUAE’s strategy involves seven objectives to avail drive the country’s digital transformation ambitions, primarily fixated on financial accommodations. Gulf News reported that this transformation will be heavily dictated by the latest iterations of artificial astuteness and astronomically immense data solutions. While UAE’s innovation strategy is aimed at streamlining “inspection, monitoring and indemnification systems” through technology, the regime will involve the utilization of the UAE Pass, a digital identity system for keeping track of denizens “to bolster financial inclusion and facile access to financial accommodations.”

Staying in line with its goal of ecumenical fintech disruption and the Green Economy initiative from Vision 2021, the UAE regime envisions developing a secure cloud infrastructure for consistent innovation. Gulf News withal reported on the launch of a survey carried out by CBUAE designated “Future Prospects and Desiderata of Partners Survey,” which has been scheduled for July 15, 2021.

While numerous Gulf countries have antecedently signaled their readiness to experiment with digital technologies, the UAE becomes the first regulator to promulgate interest with a fine-tuned timeline. Cognate: Report: Vietnam’s PM asks State Bank to tribulation digital currency on the blockchain As cryptocurrency perpetuates to gain the trust of the general public, regimes have become more vigilant to developments around the utilization of blockchain and digitization within their subsisting financial systems.

Earlier this month, the Vietnamese prime minister Phạm Minh Chính shared his interest in trialing a digital currency “as part of his wider e-regime development strategy.” On the contrary to this development, the Vietnamese regime had aforetime proscribed the utilization of Bitcoin (BTC) for payment. However, denizens are still sanctioned to privately invest in BTC without expecting any regulatory scrutiny. With Bitcoin’s presence in mainstream finance getting more vigorous by the day, regimes across the globe are reevaluating the utilization case for Bitcoin and its direct implicative insinuation on the shift of political puissance.

July 16, 2021 | 8:40 pm