UAE Central Bank introduces a digital currency strategy
The implementation of this strategy is expected to be completed by 2026.
The Central Bank of UAE introduced its strategy for using digital currencies in partnership with cloud computing firm Group 42 Cloud and financial digitization supplier R3 as part of its Financial Infrastructure Transformation initiative.
Under this strategy, the bank will provide all necessary infrastructure and technology to implement digital currency. The first phase of this strategy will be completed in a year, which is aimed at enabling digital money, introducing a domestic card program and developing an instant payment network, a report by Fast Company said.
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This strategy will have three key pillars - the soft launch of mBridge, that eases dealing in actual value digital currencies for international central banks; developing a proof-of-concept for bilateral digital currency bridges with India; and demonstrating the effectiveness of domestic issuance in the wholesale and retail sectors.
On the launch of this strategy, Khaled Balama, Governor of the UAE Central Bank said it will accelerate the bank's digitalisation journey, promoting financial inclusion.
As per the report, the strategy implementation is expected to be completed by 2026.
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