The UAE Central Bank launches the Central Bank Digital Strategy, “The Digital Dirham”

The Central Bank of UAE (CBUAE) strategy for developing a CBDC has moved a step closer with the engagement of G42 Cloud and R3 as implementation partners.

The CBUAE has held a number of trials over the last year and claims that its digital currency will provide a “risk-free form of digital money issued and guaranteed by the central bank and serves as a secure, cost-effective and efficient form of payment and a store of value” and “help address the pain points of domestic and cross-border payments, enhance financial inclusion and the move towards a cashless society”

The next phase of this project is expected to take 12-15 months.

Read more on the CBUAE website