United Arab Emirates are experimenting and launching an internal digital currency

The United Arab Emirates are the youngest country to join experimenting with an in-house digital currency. According to the three-year plan for 2023-2026, which announces the launch of its digital currency, the Central Bank of the United Arab Emirates (CBUAE) aims to be among the top 10 central banks in the world.

CBUAE’s strategy includes seven goals to advance the country’s digital transformation ambitions, which are focused on financial services. Gulf News reported that this transformation is being heavily dictated by the latest iterations of artificial intelligence and big data solutions.

While the UAE’s innovation strategy aims to streamline “inspection, surveillance and insurance systems” through technology, the government will use the UAE Pass, a digital identity system to track citizens “for financial inclusion and easy access to financial services strengthen”. . “

In line with its goal of global fintech disruption and the Vision 2021 Green Economy initiative, the UAE government envisions developing a secure cloud infrastructure for consistent innovation. Gulf News also reported on the launch of a CBUAE-conducted survey entitled “Future Expectations and Needs Analysis of Partners,” which is scheduled for July 15, 2021.

While numerous Gulf states have already indicated their willingness to experiment with digital technologies, the UAE is the first regulator to express its interest with a fixed schedule.

Connected: Report: Vietnam’s Prime Minister urges the state bank to try out the digital currency on the blockchain

As the cryptocurrency continues to gain public trust, governments have become more and more aware of developments surrounding the use of blockchain and digitization in their existing financial systems.

Earlier this month, Vietnamese Prime Minister Pham Minh Chinh shared an interest in testing a digital currency “as part of its broader e-government development strategy”. In contrast to this development, the Vietnamese government had previously banned the use of Bitcoin (BTC) for payments. However, citizens are still allowed to invest privately in BTC without expecting regulatory scrutiny.

As Bitcoin’s presence in mainstream finance grows stronger by the day, governments around the world are re-evaluating the use case for Bitcoin and its direct impact on shifting political power.