UAE Joins Growing List of Countries Working on Their CBDCs

The United Arab Emirates has joined a growing list of countries working to create their own central bank digital currencies (CBDCs). The UAE said that owning its digital currency is one of the country’s seven objectives part of its 2023-2026 strategy. 

Apart from working on its digital currency, the UAE will also explore other technologies like artificial intelligence and big data. The country’s central bank, the Central Bank of UAE, hopes to become one of the top 10 central banks.

This is not the UAE’s first attempt at crypto. The middle eastern country collaborated with China in March to work on the multiple CBDC (m-CBDC) initiative. The m-CBDC aims to create a proof-of-concept prototype to explore the uses of CBDCs and distributed LEDGER technology. 

In addition, the UAE joined forces with Saudi Arabia to test blockchain-based digital currencies. 

Several countries, including China and Japan, have been working on creating their digital currencies. The leading countries in the CBDC race are China, Sweden, the Bahamas, the Eastern Caribbean Currency Union, and the Marshall Islands. The US and the EU are also looking into their digital coins. 

In addition, Vietnamese Prime Minister Pham Ming Chinh has asked that the country’s central bank start a pilot blockchain-based crypto over the next two years. 

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