The United Arab Emirates plans to issue a CBDC
Bitcoin and altcoins

UAE CBDC : to improve the cross-border payments system

CBDCs have won over the United Arab Emirates and are currently developing a program to leverage their own central bank digital currency (CBDC). Ultimately, these digital assets are expected to drive innovation and improve the cross-border payments system.

It is a part of a program to enable the UAE to become a financial hub dedicated to innovation and digital transformation.

The announcement marks a significant step forward in the adoption of digital currency globally. Therefore, it shows that the Gulf countries are at the forefront of financial technology.

The United Arab Emirates plans to issue a CBDC

The UAE CBDC will be based on blockchain technology and will be designed to be used by both individuals and businesses. It will allow users to transfer money quickly and securely, as well as store and spend funds online.

Dubbed FIT, the UAE’s financial infrastructure transformation program also includes eight other initiatives such as a KYC platform to facilitate customer onboarding, a collaborative solution for fintechs and a sovereign financial cloud system.

The FIT program embodies the directions and aspirations of our wise leadership to digitize the economy and develop the financial sector. We are proud to build an infrastructure that will support the UAE’s thriving financial ecosystem,” said IL. Khaled Mohamed Balama, the bank’s governor.

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Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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