{"id":551255,"date":"2023-02-13T11:40:00","date_gmt":"2023-02-13T08:40:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program\/"},"modified":"2023-02-13T11:40:00","modified_gmt":"2023-02-13T08:40:00","slug":"uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program\/","title":{"rendered":"# UAE central bank to issue CBDC as part of its financial transformation program"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dd2da25785\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dd2da25785\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program\/#%E2%80%9D_UAE_central_bank_to_issue_CBDC_as_part_of_its_financial_transformation_program_%E2%80%9C\" >&#8221; UAE central bank to issue CBDC as part of its financial transformation program &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UAE_central_bank_to_issue_CBDC_as_part_of_its_financial_transformation_program_%E2%80%9C\"><\/span>&#8221; UAE central bank to issue CBDC as part of its financial transformation program &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMTM2ZTU2OWUtZGNkYS00ODM0LTk2ODUtY2E0YTFkMTIzNWQzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.\u00a0<\/p>\n<p>In a recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.centralbank.ae\/media\/mdupathy\/cbuae-launches-a-financial-infrastructure-transformation-programme-to-accelerate-the-digital-transformation-of-the-financial-services-sector-en.pdf\">announcement<\/a>,\u00a0the CBUAE introduced the FIT program and highlighted its aim to support the country\u2019s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE\u2019s competitiveness as a financial and digital payment hub. <\/p>\n<p>The first stage of the FIT program includes the issuance of a CBDC. According to the central bank, the issuance of a CBDC would \u201caddress the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively.\u201d According to Khaled Mohamed Balama, Governor of the CBUAE, the FIT program will \u201csupport a thriving UAE financial ecosystem and its future growth.\u201c\u00a0<\/p>\n<p>Apart from a CBDC, the government is also planning to launch a unified card payment platform to \u201cfacilitate the growth of e-commerce\u201d and an instant payments platform to \u201csupport financial inclusion and enable a cashless society\u201d during the first stage of the program. <\/p>\n<p>The FIT program has nine initiatives, including the ones that will be implemented in the first stage. Initiatives after the first stage include an e-Know Your Customer platform and an innovation hub.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Lawyer explains new federal virtual asset law in the United Arab Emirates<\/em><\/strong><\/p>\n<p>On Feb. 7, Dubai\u2019s virtual asset regulatory authority (VARA) released its long-awaited \u201cFull Market Product Regulations,\u201d which includes comprehensive guides on virtual asset activities for projects operating within the emirate. The laws include a ban on issuing \u201canonymity-enhanced cryptocurrencies,\u201d also commonly dubbed as \u201cprivacy coins,\u201d and related activities. <\/p>\n<p>On Feb. 10, various players within the UAE expressed their sentiments in response to the new development. Saqr Ereiqat, the co-founder of Crypto Oasis, recently told Cointelegraph that privacy coins are different from Bitcoin (BTC) and Ether (ETH), where transactions can be traced. The executive said that they present a unique challenge as they could potentially enable illicit activities. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uae-central-bank-to-issue-cbdc-as-part-of-its-financial-transformation-program\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UAE central bank to issue CBDC as part of its financial transformation program &#8220; The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.\u00a0 In a recent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/136e569e-dcda-4834-9685-ca4a1d1235d3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,77146,70934],"class_list":["post-551255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-uae","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551255"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551256"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}