UAE Central Bank creates its own cryptocurrency
UAE Central Bank creates its own cryptocurrency

UAE Central Bank creates its own cryptocurrency

The Central Bank of the UAE has started creating its own digital cryptocurrency as part of its 2023-2026 strategy.

And by launching its own digital currency, it hopes to become one of the world’s Top 10 central banks.

The news was announced by the UAE’s official news agency WAM.

The WAM report said the strategy includes supporting digital transformation in the financial services sector by adopting the latest technologies in artificial intelligence and big data, developing a strong and secure financial cloud infrastructure and supporting the green economy in the UAE.

Big moves in the crypto market

Dubai has already made big steps into the crypto market.

The DMCC in Dubai recently jumped on the NFT and Blockchain bandwagon by launching a specialist Crypto Centre.

The DMCC is the Dubai Multi Commodities Centre and its new space is dedicated solely to online business. Including cryptocurrencies, blockchain technology, and NFTs, nonfungible tokens which effectively let you purchase something online.

The centre will deal with all manner of crypto businesses. From blockchain platforms to those that offer, issue, list, and trade crypto assets.

Dubai is betting big on blockchain technology, essentially a more secure and open way of doing business online. Blockchain is also the technology that powers digital currencies including Bitcoin.

Dubai aims to have half of all ‘government transactions on a blockchain platform’ in the near future to ‘cement the UAE’s status as one of the world’s most advanced economies.’

And the Crypto Centre is a great start.

“The DMCC Crypto Centre will be a home to a comprehensive system designed for innovators, entrepreneurs and pioneers in the fields of crypto and blockchain technology … it will support all types of crypto businesses,” said Thani Al Zeyoudi, Minister of State for Foreign Trade.

“Blockchain technology can help transform and optimise business processes … [add] greater transparency, enhanced security, increased efficiency, and speed and reduce costs in business transactions,” he said.