UAE’s Central Bank Denies Reports About Plans to Issue A Digital Currency

Following reports pertaining to the planned roll-out of a digital currency in the United Arab Emirates (UAE) as part of the Central Bank of the UAE’s 2023-2026 strategy, a spokeswoman for the Central Bank has denied any such reports. The only form of legal tender in the UAE at present is the UAE Dirham. Neither cryptocurrency nor digital assets have been acknowledged or accepted as a legal tender, according to media reports.

Why it Matters?

Central banks across the world have been looking to develop digital currencies. According to S&P Global Ratings in June 2021, Central Bank Digital Currencies (CBDC) have the potential to disrupt the financial world. Unlike cryptocurrencies that are only a form for speculative investment, CBDC will not ex...