UAE Intends To Launch Digital Currency In Five Years
The Central Bank of the UAE, which serves as the region’s financial hub, announced on Monday that it will launch its first digital currency by 2026.
Numerous worldwide Central Banks have recently exposed similar plans and criticized the bitcoin.
The Central Bank of the UAE has announced its objectives, including “issuing a digital currency and enabling digital transformation in the financial services sector of UAE, with the help of latest artificial intelligence (AI) and big data technologies”.
According to the Central Bank, the announcement is included in its “2023-2026 policy, which intends to rank it among the world’s top 10 central banks.”
In 2019, the UAE and Saudi Arabia have launched a program for a common cryptocurrency for cross-border transactions.
The UAE has great tech goals which include creating a space program, investing in AI, and having the regional headquarters of huge international digital companies.
Digital currency is any currency or money-like asset that is mainly stored, managed, or exchanged on digital computer systems, particularly over the internet. Its types include virtual currency, cryptocurrency, and central bank digital currency.
Digital currency is exchanged by using technologies like credit cards, smartphones, and online cryptocurrency exchanges. In few cases, it can be transferred into physical cash, example can be withdrawing cash from an ATM.