Abu Dhabi, 14 February 2023 (GNP): As the first step in its recently announced Financial Infrastructure Transformation, the Central Bank of the United Arab Emirates (UAE) intends to introduce a central bank digital currency (CBDC) for both domestic and international use (FIT).
The FIT program was announced by the central bank of the United Arab Emirates in a recent statement, with a focus on how it hopes to boost the nation’s financial services industry. The move, according to the central bank, will simplify digital transactions and strengthen the UAE’s position as a center for finance and electronic payments.
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The first stage of the FIT program includes the issuance of a CBDC. According to the central bank, issuing a CBDC will address the problems and inefficiencies related to cross-border payments and, as a result, encourage innovation in domestic payments.
Khaled Balama, the Governor of the Central Bank, stated:
“The FIT program embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector.”
