UAE Central Bank plans to issue digital currency

The UAE Central Bank (CBUAE) plans to introduce a digital currency as part of its 2023-2026 strategy.

The ambitious strategy aims to position CBUAE among the world's top 10 central banks.

It has seven objectives with a strong focus on driving digital transformation in the UAE's financial services sector by utilising the latest artificial intelligence and big data solutions.

The strategy will also see technology used across inspection, monitoring and insurance systems, in addition to utilising the UAE's digital ID infrastructure (UAE Pass) to strengthen financial inclusion and ensure easy access to services.

"Besides seeking to develop advanced and secure cloud infrastructure to operate financial and insurance services, the strategy aims to support the UAE's green economy efforts and continue work to develop more innovative financial infrastructure to boost the UAE's competitiveness in this field," CBUAE said in a statement.