### The United Arab Emirate’s (UAE) CBDC is part of one of nine initiatives of the Financial Infrastructure Transformation (FIT) program and is planned to be fully integrated into the country’s financial ecosystem by 2026.

The United Arab Emirates (UAE) has a comparatively progressive approach towards cryptocurrencies and CBDCs. The potential advantages of these technologies, such as improved efficiency and security in financial transactions, have been acknowledged by the UAE government and had adopted rules for cryptocurrency exchanges and initial coin offerings (ICOs) in 2018 to encourage the advancement of these technologies.

The UAE's digital Dirham is a new central bank digital currency (CBDC) being developed by the Central Bank of the UAE and is intended to be a secure, stable, and efficient means of digital payment, allowing residents and businesses in the country to make instant transactions. The launch of the digital Dirham is expected to facilitate the country's transition to a cashless society and enhance financial inclusion.



The Financial Infrastructure Transformation (FIT) program launched by the UAE Central Bank includes nine key initiatives aimed at modernizing and transforming the country's financial infrastructure. The completion of these initiatives is expected to transform the UAE's financial infrastructure and enable a more efficient, secure, and innovative financial system, while promoting financial inclusion and supporting the country's economic growth.



Overall, the FIT program is a major initiative that reflects the UAE's commitment to embracing new technologies and driving innovation in the financial sector. The program is expected to have a significant impact on the country's economy, as well as on the broader region, by enabling faster, more efficient, and secure financial transactions.



The completion of the program is expected to bring significant benefits to the UAE's economy, including increased financial inclusion, faster payment and settlement systems, and reduced transaction costs, among other advantage



You may find the official document along with the nine key initiatives [here](https://www.centralbank.ae/media/mdupathy/cbuae-launches-a-financial-infrastructure-transformation-programme-to-accelerate-the-digital-transformation-of-the-financial-services-sector-en.pdf).

The United Arab Emirate’s (UAE) CBDC is part of one of nine initiatives of the Financial Infrastructure Transformation (FIT) program and is planned to be fully integrated into the country’s financial ecosystem by 2026.

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Fri Feb 17 2023

UAE Central Bank To Launch A CBDC As Part Of The Financial Infrastructure Transformation (FIT) Program