Just arrived: Central Bank VAE stelt CBDC-deadline for strategy

UAE central bank, UAECB) announced that its strategic targets for 2023-2026 will be a new and improved digital strategy for the long-awaited and large-scale digital currency start-up of the Central Bank (CBDC). The UAE central bank has been debating its importance at the CBDC for some time, and its 2023-2026 strategy gave a clear plan of action over the earlier theory.

The UAE Central Bank followed in the footsteps of the International Monetary Funds (IMF) and the World Bank by launching CBDC to drive digital transformation in the UAE financial services industry, and announced the use of advanced artificial intelligence and Big Data Solutions to do so.

CBDC technology will be used to monitor, protect and insure the bank’s systems. It will also be used to implement the UAE’s digital ID card infrastructure (UAE Pass) to improve the financial diversity and availability of the UAE Central Bank’s financial services.

UAE Central Bank aims to break into top 10 central banks
The UAE central bank expects to break into the world’s top 10 banks once the digital strategy is fully implemented.

CBDCs are a top priority for central banks around the world working to launch a digital version of their national fiat using blockchain technology. John Cunliffe, chairman of the payments and Sunday Infrastructure Committee and Deputy Governor for the Bank of England’s financial stability, said in a report prepared for the G20 meeting in Italy:

“The CBDC (the central bank’s digital currency) offers the opportunity to start with a “clean slate.”Julius Schumacher, the central bank’s digital currency, said in a statement.”It is very important that central banks consider the cross-border direction,”

The digital strategy takes a sustainable approach to digital development, strengthening the mission of the UAE’s Yesil economy. The action plan 2023-2026 will aim to improve the environmentally responsible development of innovative financial infrastructure in the UAE.

China is currently governed by its Central Bank

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