David - Cryptocurrency Enthusiast
The Central Bank of the United Arab Emirates (CBUAE) has set its sights on revolutionizing the country's financial infrastructure with the launch of its newly formed financial infrastructure transformation (FIT) program. Aiming to promote digital transactions and establish the UAE as a financial and digital payment hub, the FIT program is comprised of nine initiatives, with the first stage including the launch of CBDC or central bank digital currency.
The CBUAE plans to launch a CBDC for both cross-border and domestic use, with the primary aim of addressing inefficiencies in cross-border payments and driving innovation for domestic payments. The issuance of a CBDC is expected to support a thriving financial ecosystem and the future growth of the UAE. The central bank believes that the CBDC will play a crucial role in promoting digital transactions and ensuring the competitiveness of the UAE in the financial sector.
The Central Bank of the United Arab Emirates (CBUAE) has announced that its new financial infrastructure transformation (FIT) program will include more utilities. The first stage of the program will also witness the launch of a unified card payment platform, designed to bolster the e-commerce sector, and an instant payment platform, aimed at promoting financial inclusion and a cashless society. Beyond the first stage, the FIT program has several other innovative initiatives in the pipeline, including a comprehensive e-KYC platform and an innovation hub, to drive financial growth and sustainability in the country.
Dubai's virtual asset regulatory authority (VARA) recently released its Full Market Product Regulations, which provides comprehensive guidelines for virtual asset activities within the emirate. The regulations include a ban on anonymity-enhanced cryptocurrencies, commonly referred to as "privacy coins" and related activities due to the potential for illicit use.
The recent developments in the UAE's virtual asset regulations and CBDC plan have elicited mixed reactions from industry players. Saqr Ereiqat, the co-founder of Crypto Oasis, recently stated that privacy coins present a unique challenge as they could potentially enable illicit activities. However, he emphasized the difference between privacy coins and cryptocurrencies like trusted Bitcoin, where transactions can be traced.
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