Central Bank of UAE makes a roadmap for launching its own CBDC
The Central Bank of the United Arab Emirates has now come up with an efficient roadmap to launch its own CBDC. As per the Gulf News report, the regulators of UAE have made the digital fiat priority issuance in its 2023-2026 roadmap. On July 12, this report came with an agenda to drive the transformation of digital platform in the financial service sector of the country with the Artificial Intelligence and big data solutions.
The expected turnaround:
There are some priorities that UAE Central Bank has set for 2023-2026. In these priorities, it is expected that there will be a regulator aim to be noticed amounts the top 10 central banks. The objective shall even include the launch of digital currencies.
The Gulf News during the launch of a survey reported, “Future Expectations and Needs of Partners Survey,” which will assist the UAE in achieving its Centennial 2071 goal of “becoming the best country in the world.”
UAE's digital ID infrastructure will be used to bolster financial inclusion. This way there would be easy access to financial services.
There are more than seven objectives out of which the transformation at digital level in in the UAE's financial services sector is one of them. It shall have the latest artificial intelligence and big data solutions used. The strategies would also see the technology using the across inspection, insurance system and even monitoring.
Things that initiated before the launch:
Before the launch of the roadmap was being made, the UAE central bank even showed a keen interest in the CBDC. It had even managed to make some key ties in the space. It has even joined many other counterparties at the global level.
Talking about the global counterparties, the central banks of Thailand, China, and Hong Kong to name some in the bridge of multiple CBDC to test cross-border payments. Besides, BIS Innovation Hub Centre (BISIH) was also a part of this project.
The UAE Central Bank has set its priorities for 2023-2026, which will see the regulator aim to be among the world's Top 10 central banks. The objectives also include launching a digital currency.
CBW - External Analyst