UAE Central Bank Piloting CBDC With Local Banks, Payment Processors
The UAE Central Bank is implementing its domestic digital Dirham (DDR) and encouraging commercial banks and payment processors to participate in a pilot integration with the CBUAE node for issuing digital Dirham.
The regulator has decreed Digital Dirham adoption by all UAE licensed financial institutions (LFI) by 2026.
Banks, payments processors, and FinTech must demonstrate readiness to integrate with the CBUAE Digital Dirham issuing node and develop use cases in the sandbox.
EY has developed digital asset use cases for financial institutions across the MENA region, representing a US$1.3 trillion market globally.
(With inputs from Shikha Singh)
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