The Central Bank of the UAE (CBUAE) has signed an agreement with “G42 Cloud” and “R3” to begin implementing the Central Bank's “Digital Dirham” Digital Currency Strategy, one of nine initiatives of the UAE's Financial Infrastructure Transformation Program. “G42 Cloud” has been selected to provide infrastructure services for the project, while R3 will provide Technological Services.
These partnerships follow the success of central banks' digital currency initiatives, including the Aber project with the Saudi Central Bank in 2020, whose results confirmed the possibility of using the digital currency issued by the two central banks to settle cross-border payments, and the project received the "Global Impact Award 2021" granted by Central Banking magazine.
The Governor of the Central Bank, Khalid Mohammed Balama, stressed, "The digital currency initiative for central banks is part of the financial infrastructure transformation program, which will consolidate the UAE's leading position as a global financial center." Considering that "the launch of the Central Bank's digital currency strategy embodies the development of the money and payments system in the country, as its implementation aims to accelerate the pace of transformation towards a digital economy and enhance financial inclusion." Noting "We look forward to seeing the opportunities that the digital currency of the central bank will bring to our economy and society."
Source (Al Khaleej Newspaper, UAE, Edited)
