UAE to issue its own 'Govcoin' digital currency amid crypto rise in region

clock • 1 min read

The Central Bank of the United Arab Emirates (CBUAE) has announced that it is to issue its own digital currency within the next five years. The move by the CBUAE is part of its 2023 to 2026 strategy which it says that it aims to position itself  among the world's top 10 central banks. In its announcement on Monday, the CBUAE announced seven objectives, including the issuance of the digital currency - known as CBDCs or Govcoins - and driving digital transformation in the UAE's financial services sector using artificial intelligence and big data solutions. The strategy will als...

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Gary Robinson

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