To promote the use of digital payments across the country, the apex bank of the United Arab Emirates has confirmed plans to roll out the digital version of its country fiat currency.
On Sunday, February 12, the central bank of the United Arab Emirates released nine initiatives regarding its Financial Infrastructure Transformation Program, and according to the release, the apex bank is looking to roll out Central Bank Digital Currency (CBDC) in the country both for local and cross-border payments.
CBDC is needed to tackle the problems and “inefficiency of cross-border payments and help drive innovation for domestic payments respectively,” the central bank of UAE noted in the release.
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More Countries Planning to Roll Out CBDCs
Of recent, there has been an increased rate at which apex banks are planning to roll out CBDCs.
The Bank of England, for instance, announced the CBDC project, and soon, it will roll out digital pounds to the people of the country.
Jamaican lawmakers last year also approved central bank digital currency, paving the way for the country’s apex bank to roll out the CBDC.
Also, France as of the last release regarding its CBDC, is in the second stage of CBDC testing.
Nepal has also drafted necessary amendments which will allow the country to issue CBDC.
Spain, Japan, and Brazil amongst others are countries currently experimenting with the possibility of issuing CBDC.
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