Blockchain

UAE to issue its own Govcoin Cryptocurrency

The Central Bank of the United Arab Emirates (CBUAE) has unveiled its plan to launch a new digital currency as part of its 2023-2026 strategy plan to become one of the world’s top 10 central banks.

In its announcement, the CBUAE said that its strategy includes seven objectives, including the issuance of the digital currency – known as CBDCs or Govcoins – and 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.

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.

M. Ali

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at nabil@wibbic.com

Recent Posts

Craig Wright’s “Satoshi Nakamoto” Claim Debunked in UK Court Ruling

The mysterious identity of Satoshi Nakamoto, the inventor of Bitcoin, has been burning question… Read More

1 week ago

P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action

NFT Trader, peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the… Read More

3 months ago

Fireblocks buys Australian blockchain start-up BlockFold

Fireblocks, the crypto company backed by Sequoia Capital and Coatue Management, has acquired BlockFold, a… Read More

6 months ago

Former IcomTech CEO Admits Guilt in Cryptocurrency Ponzi Scheme

In recent development, Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to… Read More

6 months ago

Binance Announces Complete Exit from Russia, Selling Business to CommEX

In significant development for the cryptocurrency world, Binance, one of the leading global cryptocurrency… Read More

6 months ago

Robert Kiyosaki’s Bold Prediction: Citibank Tokens vs. Bitcoin and the US Dollar

In recent tweet that sent shockwaves through the cryptocurrency community, renowned author and financial… Read More

6 months ago