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A regulated digital currency will appear in the Arab world


As part of a large-scale project to digitize the financial sector, the Central Bank of the United Arab Emirates announced plans to launch its token (CBDC). Thus, another state is ready to add to the list of developers of the national digital currency backed by fiat money. As the Emirates News Agency clarifies, the creation and implementation of the virtual coin will be carried out in several stages. The CBDC launch project will start in 2023. By 2026, the UAE Central Bank plans to integrate the token into the financial system of the state. In case of successful implementation of this project, the regulator will be included in the list of ten leading central banks. Last year it became known that the United Arab Emirates was a partner of the Saudi Arabian authorities in the project to launch the Abra blockchain network. At the moment, the Arab world is on the list of flagships among the main regions in terms of the scale of digitalization of the financial sector. In addition to the UAE and Saudi Arabia, some countries in the Middle East are also considering options for creating their own token and implementing it as a means of payment.


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