UAE says to launch digital currency within five years

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Al-Araby

The United Arab Emirates will launch its first digital currency by 2026, the central bank of the oil-rich Gulf state, which serves as the region’s financial hub, said on Monday. Several central banks around the world have recently announced similar plans, while criticising decentralised cryptocurrencies like bitcoin. The Emirates central bank said its plans include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilising the latest artificial intelligence and big data solutions”. The announcement is part of its “2023-2026 strategy” whi…

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