UAE in Pursuit of its Own Digital Currency

UAE in Pursuit of Its Own Digital Currency

To be able to keep up with virtual innovation, many banks have been eyeing CBDC as an essential element for the progress of their financial ecosystem. The latest bank to join the hype is the central bank of the UAE. The United Arab Emirates is promoting its own digital currency, in order to upgrade and digitize its financial institutions, since they aim to become one of the global top ten banks that offers CBDC.

The strategy is to virtualize all financial sectors on monitoring, records, insurance and inspection systems. This will also focus on cross-border payments, to save on transaction fees. Artificial intelligence and virtual solutions will contribute more to this strategy, as they seem fit for the future.

The UAE is the first country in Western Asia to process its own digital currency. This has inspired other countries; for example Vietnam – the Prime Minister has announced that they will also consider piloting their own CBDC. Countries and governments worldwide have been considering the use of cryptocurrencies, and their benefits to their economy. CBDC will uphold the value and participation in global trade in the future, therefore, the Middle East will play a big part in the implementation of CBDC, due to its oil that powers the world.

ABOUT THE AUTHOR See More
Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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