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UAE to build CBDC and card scheme

by Dubaiforum

The United Arab Emirates is planning to launch a CBDC and domestic card scheme as part of a wide-ranging financial infrastructure transformation programme.

The Central Bank of the UAE says the programme will be made up of nine initiatives designed to make the country a financial and digital payments hub.

The first stage of the programme will see the introduction of the card scheme, a CBDC for cross–border and domestic use, and an instant payments platform. These, says the bank, will drive financial inclusion, promote innovation and help create a cashless society.

DF

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