Fun

UAE Central Bank Unveils Plan to Launch Digital Currency

News Feed - 2021-07-14 08:07:46

UAE Central Bank Unveils Plan to Launch Digital Currency


The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) revealed Monday its plan to issue a state-backed digital currency within the next five years. The announcement was part of the central bank’s “2023-2026 strategy” to “position it among the world’s top 10 central banks.” There are seven objectives in total, according to Gulf News. Among them was “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions.” The UAE’s Securities and Commodities Authority (SCA) published its decision on cryptocurrency regulation on Nov. 1, 2020, after consulting with the crypto industry and the public. The document describes the SCA’s licensing regime for anyone wanting to offer crypto-related services within the UAE. It covers initial coin offerings (ICOs), exchanges, marketplaces, crowdfunding platforms, and custodian services. Chainalysis’ Global Crypto Adoption Index published last September ranked the UAE fifth in the Middle East.


What do you think about the UAE central bank launching a digital currency in five years? Let us know in the comments section below. Indian Bank Blocks Use of RBI"s Remittance System for Crypto While Government Delays Bill REGULATION | 13 hours ago California Man Arrested for Using Government"s Covid-19 PPP Loan to Buy Cryptocurrency and Tesla REGULATION | 1 day ago Tags in this story central bank digital currency, UAE, uae bitcoin, uae cbdc, UAE central bank, uae crypto, uae crypto regulation, uae cryptocurrency, uae digital currency


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed
Bitcoin Soars to Its Highest Level Since Crashing in March
Bitcoin Soars to Its Highest Level Since Crashing in March Bitcoin hit $7,600 on Thursday, its highest level yet since crashing in early March. The cryptocurrency climbed more than
2020-04-24 21:52 PM
Ciaran Lyons7 hours agoSEC initiates legal action against FTX’s auditorThe SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to
2023-10-01 10:53 AM
Bitmex Agrees to Pay $100 Million to Resolve Charges With FinCEN and CFTC
Bitmex Agrees to Pay $100 Million to Resolve Charges With FinCEN and CFTC Global cryptocurrency derivatives exchange Bitmex has settled charges with the U.S. Com
2021-08-12 02:00 AM
Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’
Billionaire Bill Ackman on US Banking Crisis: "I Fear We Are Heading for a Train Wreck" Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck
2023-03-26 10:30 AM
Report: Gas Giant Exxon Is Running a Gas-to-Bitcoin Mining Pilot Program in North Dakota
Report: Gas Giant Exxon Is Running a Gas-to-Bitcoin Mining Pilot Program in North Dakota Exxon Mobil Corporation is reportedly participating in a pilot program that leverages exces
2022-03-25 14:30 PM
Massive Bitcoin Short Liquidations Send BTC Above ATH – Trump Win Sets A Bullish Environment
Este artículo también está disponible en español. Bitcoin surged to new all-time highs during election night, hitting an impressive $75,300 as market excitement reached a
2024-11-07 04:00 AM
Shellboxes, an Industry-Leading Cyber Security Firm, Declares Continuous Commitment to Protect Blockchain Projects From the Growing Threat of Cyber Attacks
Shellboxes, an Industry-Leading Cyber Security Firm, Declares Continuous Commitment to Protect Blockchain Projects From the Growing Threat of Cyber Attacks press release PRESS RELEA
2023-03-07 21:00 PM
SEC says Justin Sun ‘traveled extensively’ to US, giving sway to lawsuit
Jesse Coghlan2 hours agoSEC says Justin Sun ‘traveled extensively’ to US, giving sway to lawsuitThe SEC filed an amended suit against Justin Sun after the Tron founder sought to dismiss the suit last month, claiming
2024-04-19 15:30 PM
Bitcoin rebounds to $67K ahead of Trump’s speech in Nashville
Ciaran Lyons2 hours agoBitcoin rebounds to $67K ahead of Trump’s speech in NashvilleBitcoin has jumped 4.3% as futures traders skew toward long positions ahead of Donald Trump’s speech at the Bitcoin 2024 conference
2024-07-26 15:10 PM
Solana struggles to recapture $200, but DApp and derivatives markets remain bullish
Marcel Pechman3 hours agoSolana struggles to recapture $200, but DApp and derivatives markets remain bullishSOL price struggles to rally above $200, but on-chain and derivatives metrics point to a healthy market.1142 Tot
2024-03-27 05:16 AM
Gracy Chen7 hours agoOpinion: Bitget acted ethically on crypto influencer’s accountBitget managing director Gracy Chen argues her exchange had a duty to act when a crypto influencer began selling his holdings in a proj
2023-08-25 01:06 AM
Bitcoin mining to boost UK’s renewable energy grid
Savannah Fortis10 hours agoBitcoin mining to boost UK’s renewable energy gridA UK-based Bitcoin organization is advocating to the new Labour government to implement a Bitcoin mining-based strategy to combat a growing p
2024-07-10 22:21 PM