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UAE Central Bank Implements Digital Currency Strategy

The United Arab Emirates (UAE) central bank has announced that it will begin implementing its digital currency strategy with the help of partners G42 Cloud and R3. The first phase of the strategy will focus on three key pillars, including proof-of-concept work for bilateral central bank digital currency bridges with India, the soft launch of the M-bridge, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage. The bank's governor, Khaled Mohamed Balama, stated that the CBDC initiative will likely bolster the country's position as a leading global financial hub and promote financial inclusion. The CBUAE has engaged in several digital currency initiatives, including a cross-border CBDC pilot with the Hong Kong Monetary Authority and the Bank of Thailand in 2022.

(By Terence Zimwara)

UAE Central Banks
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