UAE aims to introduce central bank digital currency (CBDC) and create a secure and transparent platform for domestic and cross-border payments, and it promises to drive financial inclusion, payment innovation, security, and efficiency.
The project will also help the UAE to become a cashless society, offering a more efficient alternative to traditional payment methods.
In addition, the UAE’s new licensing framework for crypto companies is a step toward more efficient and secure payments.
The UAE’s CBDC project is the latest in a series of initiatives aimed at facilitating the digital transformation of the country and its financial infrastructure.
With the UAE’s CBDC, the country is joining a growing list of jurisdictions exploring digital currencies, giving it a competitive edge in the global payment landscape.