UAE joins the race for in-house digital currency experiments
The United Arab Emirates becomes the latest country to join the race for experimenting with an in-house digital currency.
According to the announcement, the Central Bank of the UAE (CBUAE) intends to stand among the top 10 central banks across the world.
CBUAE’s strategy involves seven objectives to help drive the country’s digital transformation ambitions, focused specifically on financial services.
The local media, Gulf News reported that this transformation will be analyzed by the latest iterations of artificial intelligence and big data solutions.
The government will involve the use of the UAE Pass, a digital identity system for keeping track of citizens to bolster financial inclusion and easy access to financial services.
With the goal of global fintech disruption and the Green Economy initiative from Vision 2021, the UAE government envisions developing a secure cloud infrastructure for consistent innovation.
Although numerous Gulf countries have previously signaled their readiness to experiment with digital technologies, from which the UAE becomes the first regulator to announce interest with a fixed timeline.
As the trust in cryptocurrency is gaining from the general public, governments have become more attentive to developments around the use of blockchain and digitization within their existing traditional financial systems.
Following Bitcoin’s presence in mainstream finance getting stronger by the day, governments across the globe are reevaluating the use case for Bitcoin and its direct implication on the shift of political power.