The United Arab Emirates Central Bank (CBUAE) plans to launch a cross-border e-commerce and domestic central bank digital currency (CBDC) as the first part of a newly launched Financial Infrastructure Transformation and Development (FIT) programme.
In a recent announcement, CBUAE launched the FIT plan and set out the overall objectives of the financial services industry in the country in which it applies. The central bank focuses on the plan to promote digital transactions and enhance the competitiveness of the United Arab Emirates as a financial and digital payment centre.
The first phase of the trust plan includes the issuance of CBDC. The central bank indicated that the issuance of CBDC will deal with cross-border payment platform issues and inefficient issues respectively, and will help promote independent innovation in China's collection. According to CBUAE Bank President Khalid Arafat Bharama (Khaled Mohamed Balama), the FIT plan will be "suitable for the rapid development of the financial ecosystem and future growth in the United Arab Emirates".
In addition to CBDC, the government also plans to launch a unified bank card payment system in the first phase of the plan to "promote the development trend of e-commerce" and a timely payment system to "apply financial universal wisdom and achieve a cashless society".
The FIT plan has nine initiatives, including initiatives to be implemented in the first phase. Measures after the first phase include an electronic mastery customer platform and an industrial innovation center.
On February 7th, the UAE Virtual Asset Regulatory Authority (VARA) issued the long-awaited "Market-wide Product Regulation", which includes a comprehensive manual on virtual asset-themed activities for engineering projects operating in the UAE. Such laws and regulations include the strict prohibition of the issuance of "group polarization-enhanced digital currency", also known as "personal privacy coins", and related activities.
On 10 February, different participants within the United Arab Emirates expressed their views on the continued development of the new situation. Saqr Ereiqat, founder of Crypto OASIS, recently told Cointelegraph that personal privacy coins are different from BTC (BTC) and ETH, where transactions can be tracked. The management shows that they pose a different test because it may allow illegal activities to be realized.
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Tue, 18 Apr 2023