The United Arab Emirates has reportedly joined the list of nations conducting testing for an in-house cryptocurrency, with a releasing plan running for three years, 2023-2026. 

Specifically, with this latest initiative, the Central Bank of the UAE (CBUAE) reportedly has a goal of securing a spot in the list of top 10 central banks throughout the globe. 

CBUAE’s strategy reportedly comes with seven objectives, aiming to accelerate the digital transformation ambitions nationwide, which mainly revolves around financial services. This transformation will be significantly obeying the most recent iterations of artificial intelligence and big data solutions. 

While UAE’s innovation strategy reportedly has the main target of enhancing “inspection, monitoring and insurance systems” via technology, the authority will employ UAE Pass, a digital identity solution dedicated to keeping track of citizens, to streamline “financial inclusion and easy access to financial services”. 

The UAE – following its preset target of international fintech disruption as well as the Green Economy initiative from Vision 2021 – reportedly aims for the design of a secure cloud infrastructure devoted to consistent innovation. 

The Gulf News additionally revealed details of a release for a survey, conducted by CBUAE dubbed “Future Expectations and Needs of Partners Survey”, which is slated to start on July 15th of this year. 

While several nations in the Gulf area have initially shown signs of their preparations for conducting testing with digital technologies, the UAE has secured the pioneering spot to publicly reveal their initiative, with a detailed timeline.