Digital Dirham UAE CBDC

UAE Plans to Launch CBDC as Part of Drive Toward Cashless Society

CBDCNews
··1 min read

Abu Dhabi, United Arab Emirates – Yesterday, the Central Bank of the UAE (CBUAE) announced the launch of its Financial Infrastructure Transformation Programme (FIT Programme) to drive digital transformation in the country’s financial services sector.

As part of the FIT Programme the UAE plans on launching a number of digital payment infrastructures and services, including an Instant Payments Platform, and the issuance of Central Bank Digital Currency (CBDC) for cross-border and domestic uses. The document, released by the CBUAE on 12 February, states that the introduction of a CBDC will drive financial inclusion, promote payment innovation, and support the goal of a cashless society.

The UAE expects the FIT Programme to be fully integrated by 2026.

Read more: UAE’s Vision to be a Global Cryptocurrency Hub in Action

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