The UAE’s plan to issue its own CBDC is expected to become a major step forward in the region’s digital transformation efforts. The central bank’s program will also focus on modernizing the existing payment infrastructure, developing innovations, and creating an open banking framework.
The program is expected to help make digital payment services more accessible and secure, while also helping to reduce costs and time required in payments and settlements.
The central bank is hoping that the digital dirham will open up new opportunities for businesses and consumers, and that it will help to increase financial inclusion in the country.
With the issuance of a CBDC, the UAE is joining the growing list of countries that are embracing the potential of digital currencies, and the central bank’s program is sure to contribute significantly to the development of the country’s financial infrastructure.
