The Central Bank of the United Arab Emirates (CBUAE) plans to launch a central bank digital currency (CBDC), among other initiatives, as part of efforts to become a financial and digital payment hub. The plans are part of the countryβs new financial infrastructure transformation (FIT) program launched on Sunday, which aims to support the local financial services sector through a series of initiatives. Stage one of the program includes the issuance of a CBDC for cross-border and domestic use, which the CBUAE said would βaddress the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively.β The government is also planning to begin the plans by launching a unified card payment platform to facilitate e-commerce growth and an instant payments platform to grow into a cashless society. Initiatives following the first stage in FIT include a digital assets innovation hub and an e-Know Your Customer platform to help crack down on illicit activity within the space. The FIT program announcement followed Dubaiβs virtual asset regulatory authority releasing new guides on virtual asset activities for projects operating within the emirates last week, which included a ban on issuing βanonymity-enhanced cryptocurrencies,β also known as βprivacy coins.β ββββββββββββββββββββββββ- FOLLOW | LIKE | COMMENT | SHARE @cryptoworldpage Get daily Cryptocurrency | NFT | Blockchain news | Finance updates | Entertainment news Any questions | Comment below β¬οΈ please OR slide in our DM ββββββββββββββββββββββββ- #dubai #dubaΓ― #dubaiπ¦πͺ #web3 #dxb #dxbπ¦πͺ #cbdc #cryptocurrencynews #cryptoworldpage #dubaiβ€οΈ #dirham #dirhams #cryptoadoption #cryptoworld #cryptonewsdaily #cryptonewsofficial https://www.instagram.com/p/ConM_bYoif6/?igshid=NGJjMDIxMWI=











