As part of a new project to accelerate digital transformation, the United Arab Emirates’ central bank (UAE) intends to issue a central bank digital currency (CBDC) for domestic and cross-border payments. The issuance of a digital version of the UAE dirham is one of nine initiatives announced on Sunday by the central bank’s Financial Infrastructure Transformation Program. The first stage of the project, according to the announcement, establishes a “series of digital payment infrastructures and services,” including the issuance of a CBDC for “cross-border and domestic uses.”
