New system approved for licensing, overseeing stable cryptocurrencies in Dubai
CBUAE reviewed progress on Digital Dirham, Jaywan domestic card, Aani payments platform
Dubai: The Board of Directors at the Central Bank of the UAE approved the issuance of a system for licencing and overseeing stable cryptocurrencies, alongside a series of policies aimed at supporting the banking and insurance sectors and services related to financial infrastructure.
Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Central Bank of the UAE (CBUAE), chaired the meeting of the CBUAE Board of Directors, which took place at Qasr Al Watan, Abu Dhabi. The CBUAE Board went over the meeting's agenda and reviewed how well projects and plans were progressing.
The Board deliberated on the projects being developed under the Financial Infrastructure Transformation Programme, which aims to promote innovation and digital transactions and drive the UAE’s digital economy. These include the Central Bank Digital Currency, the Jaywan Domestic Card Scheme and the Instant Payments Platform (Aani).
The Board reviewed the latest updates on the implementation of memorandums of understanding signed between CBUAE and other central banks, alongside updates on the Central Bank’s plans to enhance Emiratisation and support UAE nationals, as well as the new Emiratisation policies of institutions operating in the banking, financial, and insurance sectors.
At the conclusion of the meeting, Sheikh Mansour commended the CBUAE Board and the bank's efforts and projects that promote innovation and drive digital transformation and sustainability, as well as the steps aimed at ensuring monetary and financial stability and integrity. He also called for continuing these efforts to fulfil the Central Bank's objectives and vision to expand the financial sector.
The meeting was attended by CBUAE Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi; and CBUAE Governor Khaled Mohamed Balama, along with board members Younis Al Khoori, Sami Dhaen Al Qamzi, Ali Mohammed Bakheet Al Rumaithi, Saif Al Dhaheri, Assistant Governor, and Ibrahim Alsayyed Al Hashemi, Secretary-General of the Board.