The UAE Central Bank set a deadline for the development of its own national digital currency (CBDC) – 2023-2026. The UAE Central Bank is going to enter the top ten central banks in the world.
Last year, the UAE Central Bank successfully tested the digital currency Aber with the Central Bank of Saudi Arabia for international payments.
In addition, the Central Bank of the UAE, together with the Central Bank of China, joined the “bridge” project aimed at using blockchain for international payments.The possibilities of DLT and government cryptocurrencies will be explored to facilitate cross-border multi-currency payments in real time.
The UAE is the first among the Gulf countries to become a regulatory body to declare its readiness to experiment with digital technologies, in a timely manner.