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UAE’s Central Bank Pushes for CBDC for Financial Transformation

The UAE is looking to boost its cross-border payments while also enhancing its domestic financial infrastructure. This comes after the Central Bank of the UAE announced the issue of CBDC, short for central bank digital currency. The issuance of CBDC comes as a part of the financial infrastructure transformation program.

While the digital currency would push its payment facilities across borders and within the region, the program itself supports the financial services sector. The program and the issuance complement each other, as the pair would facilitate digital transactions to strengthen the UAE’s bid to become a digital payment hub.

There are a total of nine initiatives under the program. The first stage includes issuing digital currency and much more. This will be followed by the implementation of e-KYC and an innovation hub.

(By Roxanne Williams)

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