The Central Bank of the United Arab Emirates has announced the development of its own digital currency (CBDC) in its 2023-2026 development strategy, Gulf News reported.
According to the newspaper, the regulator intends to become "one of the top 10 central banks in the world.
In addition to launching the CBDC, the document also talks about digital transformation in the financial sector, supporting the UAE's efforts to build a green economy and continuing to work on developing an innovation infrastructure to enhance the region's competitiveness.
In 2019, the UAE and Saudi Arabia announced cooperation to create a new digital currency for cross-border payments.
In late November 2020, the parties said that the Aber CBDC, released as part of the project, had demonstrated the technical viability of the concept. The authors of the report noted its "significant superiority over centralised payment systems in the context of architecture sustainability".
As a reminder, in July 2021, Bank for International Settlements experts recommended that global regulators should pay more attention to the use of CBDC in cross-border transfers than to its use in domestic applications.