Uae Issued Money Cbdc

The central bank of the United Arab Emirates (CBUAE) has announced the issuance of national digital money (CBDC), as part of the new strategy.uae is one of the first countries to play Onion CBDC (Photo: Dubai's Dirham) A large part of central banks around the world is currently considering the impact of the central bank's digital currencies (CBDC). The latest participation in the CBDC release is the United Arab Emirates. In the context of an increase in unregulated electronic currencies, the Central Bank of the United Arab Emirates (CBUAE) announced that they will issue their own digital money. CBUAE's Thai is part of the strategy from 2023 to 2026, whereby they say "seeking to bring the central bank into the top 10 central banks in the world"

. In the announcement, CBUAE said the war Their comb includes 7 goals, including the issuance of digital money and promoting digital conversions in the field of UAE's financial services using large data solutions and artificial intelligence The latest. The strategy will also see technology used on inspection, monitoring and insurance systems, in addition to using the digital ID infrastructure of the UAE (UAE Pass) to enhance the ability Including finance and easy access to financial services. Strategies are also aimed at supporting UAE's green economic efforts when awareness of ESG (data about Environment, social and corporate governance) continues to grow in the world and CBUEE will focus on developing more creative financial infrastructure to improve the competitiveness of the UAE
Before ARABIAN BUSINESS, Dominic Frisby electronics newspaper said "technically, when you deposit money into the bank, you're really for the loan bank. Basically, Fiat money is debt. CBDC is a little different, and they will see central banks creating money more directly in the real economy. Individuals will have a wallet with central bank, such as UBI or premium money that can be sent and from which your tax can be extracted. Many people will start using money in their central bank wallet as they use money in their bank account, "he said. The UAE CBDC plans are also given after the central bank Korean nursing enhances an operator to operate the test is expected to be on the floor in August this year. Earlier this month, the Prime Minister of Vietnam Pham Minh Chinh also encouraged the State Bank to pilot the project of digital money. Front and international monetary funds (IMF) and the World Bank (WB) Has emphasized the cross-border benefits of CBDCs and claiming that projects such as US digital dollars will help global development. Two organizations, along with the International Payment Bank (BIS), also released an article in favor of the necessity of applying it. The central bank's digital currency provides opportunities for Current monetary system
However, vulnerabilities for digital money issued by central banks need to be addressed. It is important to recognize potential ransomware attacks as well as network spy activities between different countries also continue to increase at a alarming speed and their consequences for CBDC.Theo Nguyen Long /

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