A recent announcement on digital finance in the United Arab Emirates reported notable progress in launching a CBDC, as a further step towards digital payments.
The Board of Directors of the Central Bank of the UAE indicated this Sunday in a statement that they seek to “accelerate the digital transformation in the financial services sector.”
To achieve this they have launched the Financial Industry Transformation (FIT) program, made up of key initiatives for the UAE, including the issuance of a CBDC for cross-border and domestic payments.
The financial authorities have underlined the importance of this measure to promote “financial inclusion, as well as the promotion of innovation, security and efficiency in payments, avoiding the use of cash.
It is important to note that last October the Central Bank of the UAE completed the CBDC pilot project in twenty local banks, with digital transactions between their corporate clients across the border.
M.Pino
Source: hoycripto
(Reference image source: Unsplash, in collaboration with Getty Images)
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