The Central Bank of the United Arab Emirates (CBUAE) is reportedly planning to launch a Central Bank Digital Currency (CBDC) for cross-border payments and domestic usage, which is aimed to address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments. It is part of the first stage of the Financial Infrastructure Transformation Program introduced by the country’s central bank to support financial services sectors. In addition to the issuance of CBDC, the government also intends to launch a unified card payment platform and an instant payments platform at first stage of the program.
Source: https://cointelegraph.com
