CBUAE

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

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