UAE central financial institution to challenge CBDC as a part of its monetary transformation program

The Central Financial institution of the United Arab Emirates (CBUAE) is planning to launch a central financial institution digital forex (CBDC) for cross-border and home use as a part of the primary of its newly-launched monetary infrastructure transformation (FIT) program.

In a latest announcement, the CBUAE launched the FIT program and highlighted its intention to assist the nation’s monetary providers sector. The central financial institution highlighted that this system would promote digital transactions and allow the UAE’s competitiveness as a monetary and digital fee hub.

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