Amongst the different priorities laid out by UAE regulators, the need for a digital currency seems to be one of them and it is all set to go in for major digital strategy as part of its 2023-26 roadmap.
The UAE Central Bank has defined its priorities for the years 2023-2026, with the goal of becoming one of the top ten central banks in the world. The creation of a digital currency is also one of the goals.
There are seven goals in total, including fostering digital transformation in the UAE’s financial services sector through the use of cutting-edge artificial intelligence and big data technologies.
In addition to utilizing the UAE’s digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy access to financial services, the approach will see technology applied throughout the inspection, monitoring, and insurance systems.
Apart from developing safe cloud infrastructure to operate financial and insurance services, the strategy intends to assist the UAE’s ‘green economy’ initiatives and continue to focus on developing more creative financial infrastructure to increase the UAE’s competitiveness in this field.
Central Bank UAE has launched a survey titled “Future Expectations and Needs of Partners Survey,” which will be performed on July 15 in keeping with the UAE Centennial 2071 goal of making the UAE the finest in the world.
The UAE and other Gulf economies have discussed the possibility of implementing digital currency at some point. The UAE regulator has established a defined schedule by including it in its 2023-2026 roadmap.