UAE unveils CBDC strategy, first phase to be completed by mid-2024

The United Arab Emirates expects to complete the first phase of its central bank digital currency strategy around mid-2024, with its central bank Announce Thursday. This includes proof-of-concept work on wholesale and retail CBDCs.

The Central Bank of the United Arab Emirates (CBUAE) also revealed G42 clouda cloud platform from the region, and New York-based blockchain firm R3 as infrastructure and technology providers, respectively.

The announcement stated that the first phase of the CBUAE’s CBDC (Digital Dirham) is expected to be completed in the next 12 to 15 months and will include three pillars.

The first pillar is the soft launch of ongoing projects bridgethe Bank for International Settlements (BIS) is collaborating with the central banks of Hong Kong, China, the United Arab Emirates and Thailand on cross-border payments and multi-CBDC transactions.

The second pillar is a proof-of-concept work on a bilateral CBDC bridge India The third is a proof-of-concept work on a domestic wholesale and retail CBDC, plan It was first announced last month.

As central banks around the world work to explore CBDCs, the UAE announced its digital dirham as one of nine key initiatives in its new financial infrastructure transformation plan.

Dubai is one of the emirates of the United Arab Emirates and has recently published Rules governing the crypto industry.