Building on their individual plans to improve the payments system, the central banks of India and the United Arab Emirates embarked on a mission to utilize CBDCs to solve cross-border challenges.
While other countries choose whether to focus on a retail CBDC instead of wholesale, the United Arab Emirates is seeking to focus its efforts on launching both types under its FIT program.
Apart from improving cross-border payments, CBUAE’s governor noted that the pilot was also targeted at enhancing the local financial sector in the Middle Eastern country.
Saudi Arabia is betting on a digital asset expert to spur the adoption of digital currency and, at the same time, transform the country into a digital assets and tech hub.
In its 2023-2026 roadmap, the Central Bank of the UAE has identified seven areas that it will focus on as it seeks to join the U.S., China, Japan and Germany at the upper echelons of global finance.
