The UAE will test and launch an internal digital currency

The United Arab Emirates has become the latest country to join the trial internal digital currency competition. According to the 2023-2026 three-year plan announced to launch its digital currency, the Central Bank of the United Arab Emirates (CBUAE) intends to rank among the top 10 central banks in the world.

CBUAE’s strategy involves seven goals to help advance the country’s ambitions for digital transformation, with a primary focus on financial services.Gulf News Report This transformation will largely depend on the latest iterations of artificial intelligence and big data solutions.

Although the UAE’s innovation strategy aims to simplify the “inspection, surveillance and insurance system” through technology, the government will involve the use of the UAE Pass, a digital identity system used to track citizens, “to strengthen financial inclusion and easy access to finance service.”

Align with the goals of global financial technology disruption and green economy initiative Starting from the 2021 vision, the UAE government envisages the development of a secure cloud infrastructure to enable continuous innovation. Gulf News also reported on a survey conducted by CBUAE called “Partners’ Future Expectations and Needs Survey”, which is scheduled to be conducted on July 15, 2021.

Although many Gulf countries have previously expressed their readiness to experiment with digital technologies, the UAE became the first regulator to announce its interest within a fixed timetable.

related: Report: The Prime Minister of Vietnam asks the National Bank to try digital currency on the blockchain

As cryptocurrencies continue to gain public trust, the government is increasingly concerned about the use of blockchain and digital development in its existing financial system.

Earlier this month, Vietnamese Prime Minister Phạm Minh Chính Share his interests Trial digital currency “as part of his broader e-government development strategy.” In contrast, the Vietnamese government previously banned the use of Bitcoin (Bitcoin) Payment. However, citizens can still invest in BTC privately without expecting any regulatory review.

As Bitcoin’s position in the mainstream financial sector is increasing, governments around the world are re-evaluating the use cases of Bitcoin and its direct impact on the transfer of political power.