UAE will launch a digital currency by 2026

The UAE will also launch their own digital currency, in 5 years. The forecast is by 2026 according to the Gulf State Central Bank. Several central banks around the world have similar plans under consideration or in progress. In 2019, Saudi Arabia and the United Arab Emirates announced a test phase of a common cryptocurrency for cross-border transactions. The United Arab Emirates have great technological ambitions, invest in artificial intelligence projects, big data, have launched a space program and host the headquarters of large multinational digital companies. The Central Bank of the Emirates said its plans include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, using the latest artificial intelligence and big data solutions.” All this is in line with the strategy of the Financial Institution 2023-2026, with which it would like to position itself among the top 10 central banks in the world. In the face of Bitcoin’s growing popularity, as well as for online payments during the pandemic, central banks are exploring new units of value. China has already launched with a test phase of its digital Yuan; the central banks of the United States, the European Union and England are considering the possibility of launching their own CBDCs.