UAE Central Bank sets sights on digital currency launch, aims to be among world's Top 10 banking regulators

Dubai: The UAE Central Bank has set its priorities for 2023-2026, which will see the regulator aim to be among the world's Top 10 central banks. The objectives also includes launching a digital currency.

In all there are seven objectives, including driving digital transformation in the UAE's financial services sector by utilising the latest artificial intelligence and big data solutions. The strategy will also see technology used across inspection, monitoring and insurance systems, in addition to utilising the UAE's digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy access to financial services.

Besides seeking to develop secure cloud infrastructure to operate financial and insurance services, the strategy aims to support the UAE's 'green economy' efforts and continue work to develop more innovative financial infrastructure to boost the UAE's competitiveness in this field. In line with the objective of the UAE Centennial 2071 to make the UAE the best globally, CBUAE launched a survey titled 'Future Expectations and Needs of Partners Survey', which is scheduled to be conducted on July 15.

The UAE and some of the other Gulf economies have talked about introducing digital currencies at some stage. By making it part of its 2023-26 roadmap, the UAE regulator has set a clear timeline.