The Central Bank of the United Arab Emirates (UAE) has just announced it intends to issue a CBDC as part of its program to transform the country's financial infrastructure.
The national digital currency is reportedly intended for cross-border and domestic use and will enhance the UAE's competitiveness as a financial and payment hub.
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The transformation program also includes a unified card payment platform and an instant payment system "to create a cashless society." In total, the central bank has prepared nine projects for the first phase.
The Central Bank of the UAE completed in October 2022 a pilot test of cross-border payments using a CBDC and reported good results in terms of cost, speed and security.