The Central Bank of the United Arab Emirates (UAE) has announced the launch of a project to accelerate the Central Bank's Digital Currency (CBDC) for local and international payments. The introduction of a digital version of the dirham is one of the nine points outlined in their document. Financial experts have made it a priority to switch the central bank's payment infrastructure, with an emphasis on cryptocurrency.
According to official reports, they are creating "a range of digital payment infrastructures and services", the first step of which will be the release of an independent CBDC for national and international purposes. They want these digital payments to provide access to financial services and make transactions more secure, efficient and innovative, creating a cashless society, according to a statement from the UAE Central Bank leadership.
Additionally, market analysts predict that in 2023 many countries will start issuing their own CBDCs to improve banking operations.
In February this year, Dubai also adopted rules setting out licensing requirements for technology companies and banning anonymous digital assets.
