The UAE central bank is planning to issue a digital dirham as part of a new Financial Infrastructure Transformation Program. iamsandali reports.
The central bank of the United Arab Emirates is planning to issue a central bank digital currency for domestic and cross-border payments as part of a new project to accelerate digital transformation.
The issuance of a digital version of the UAE's dirham is one of nine initiatives of the central bank's Financial Infrastructure Transformation Program,According to the announcement, the first stage of the project sets up a"series of digital payment infrastructures and services" including the issuance of a CBDC for"cross-border and domestic uses."
"These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society," the announcement said, adding that a digital dirham will"address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively."
Jurisdictions around the world are considering the issuance of CBDCs to facilitate improvements in the payments and banking sectors, with the Bank of England recently joining in by publishing its own plans for a digital pound. Dubai, one of the UAE's emirates, published comprehensive rules to regulate the crypto sector last week, including the establishment of a licensing regime for crypto companies and said it wants to prohibit the issuance and activities related to anonymity-enhancing crypto.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UAE central bank to issue CBDC as part of its financial transformation programThe UAE central bank launched the financial infrastructure transformation (FIT) program that includes 9 initiatives aimed at supporting the country's financial services sector.
Read more »
JP Morgan reaches agreement with Ukraine’s Zelensky on rebuilding infrastructureJP Morgan bankers spent most of last week meeting with Zelensky and his senior staff where they discussed the creation of a fund seeded with $20 billion to $30 billion in private capital, according…
Read more »
JP Morgan reaches agreement with Ukraine's Zelenskyy on rebuilding infrastructure, presents Patriots jerseyJ.P. Morgan has signed a memorandum of understanding with Ukraine's president Volodymyr Zelenskyy on establishing a fund to aid in rebuilding Ukraine's infrastructure
Read more »
GOP seeks Hunter Biden financial records, claims family ‘peddled influence to generate millions’House Republicans are stepping up their investigation into the financial dealings of President Joe Biden’s family, demanding the president’s son, brother and an associate turn over banking, travel and other documents and communications.
Read more »