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UAE says it will launch digital currency within five years

UAE says it will launch digital currency within five years

The United Arab Emirates will launch the first Digital currency By 2026, the central bank of the oil-rich Gulf countries, the financial center of the region, said on Monday.

Several central banks around the world recently announced similar plans while criticizing decentralized cryptocurrencies such as Bitcoin.

The UAE Central Bank stated that its plans include “issuing digital currencies and promoting global digital transformation.” UAEThe financial services sector utilizes the latest artificial intelligence and big data solutions. ”

According to official media reports, the announcement is part of its “2023-2026 strategy”, which aims to “place it among the world’s top 10 central banks.”

In 2019, Saudi Arabia and the UAE announced a joint trial phase. Cryptocurrency Used for cross-border transactions.

The UAE has huge technological ambitions, investing in artificial intelligence, launching a space program, and hosting the regional headquarters of large multinational digital companies.

Faced with the increasing popularity of cryptocurrency Bitcoin and online payments during the pandemic, the central bank is exploring its own new unit.

With the start of the testing phase of the digital yuan, China launched the competition in March.

U.S. Central Bank, European Union The UK is also evaluating the possibility of launching its own digital currency, which aims to bring stability to a highly speculative industry.

Bitcoin was created in 2008 as an alternative to traditional currencies and is the most popular virtual unit in the world.

But due to China’s new measures to crack down on cryptocurrencies, their prices have plummeted recently.

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