It's really happening--a brand new digital cryptocurrency is being created by the Central Bank of The UAE.
It's part of its 2023-2026 strategy which aims to help it become one of the top 10 central banks in the world. The news was reported by UAE state news agency WAM on Monday.
Forget about that whole ‘DubaiCoin’ business. This will be an approved currency that will support the green economy in the UAE through digital transformation in the financial services sector.
Besides, the bank is probably in the midst of brainstorming a more appropriate name for the currency that will represent the whole of the UAE. Maybe they’ll go with EmiratCoin?
According to WAM, the strategy aims to utilise state-of-the-art technology in artificial intelligence and aid in the development of a secure financial cloud infrastructure.
Recently, the Dubai Multi-Commodities Centre had launched a specialist Crypto Centre which deals with cryptocurrency, blockchain technology as well as NFTs, which are nonfungible tokens that you can use to purchase online items or services.
“The DMCC Crypto Centre will be a home to a comprehensive system designed for innovators, entrepreneurs and pioneers in the fields of crypto and blockchain technology. It will support all types of crypto businesses” said Minister of State for Foreign Trade Thani Al Zeyoudi.
Cryptocurrency is the first generation of blockchain technology, a permanent ledger-based tech that creates a host of possibilities.
“Blockchain technology can help transform and optimize business processes, greater transparency, enhanced security, increased efficiency, and speed and reduce costs in business transactions,” explains Al Zeyoudi.
Essentially, it’s billed as a more secure and open method of conducting online business. Dubai is hoping that in the near future, half of all government transactions will be processed via a blockchain platform as this will ‘cement the UAE’s status as one of the world’s most advanced economies’.