Yesterday the Central Bank of the UAE unveiled a plan for nine initiatives as part of its Financial Infrastructure Transformation (FIT) program. A central bank digital currency (CBDC) for both domestic and cross border use was one of three initiatives earmarked as part of the first stage.
No specific timescale was given for the CBDC plans, but the central bank aims to complete all nine initiatives by 2026.
Motivations for the cross border CBDC are to improve international payment efficiencies and for the domestic CBDC to drive payment innovation.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
