UAE Launches 'Financial Infrastructure Transformation' Program; CBDC Among 9 Key Objectives
United Arab Emirates CBDC Initiative to Address Inefficiencies in Cross-Border Payments and Drive Domestic Innovation The nine initiatives included in the Financial Infrastructure Transformation Program include: a domestic card scheme, eKYC, a central bank digital currency , open finance, supervisory technology, an innovation hub, an instant payments platform, a financial cloud, and enhancing customer experience. The CBDC is designed for both cross-border payments and domestic use, with the goal of addressing inefficiencies in cross-border payments and promoting innovation in domestic payments.
UAE's vision for a central bank digital currency is a sign of its commitment to innovation and progress. By exploring new technologies, the country is positioning itself as a leader in the global financial landscape and paving the way for a more interconnected and digital world.
GM GM! If you are interested in Crypto, Stablecoins and CBDC, please take a look at our upcoming space this Sunday! We'll be breaking down a report by the .BIS_org with potential regulatory outcomes. Read the thread for a quick summary! 🧵👇
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Interesting news - I love Dubai so great to see they’re looking to the future
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