Emirati authorities want to achieve a “cashless society”
The Central Bank of the United Arab Emirates (CBUAE) will launch its own digital currency, among other initiatives, as laid out in the Financial Infrastructure Transformation Programme (FIT Programme), announced by the regulator. The program aims at accelerating the digital transformation of the financial services.
The program includes implementation of several key initiatives. The first stage is to create the Card Domestic Scheme, an Instant Payments Platform, and the issuance of Central Bank Digital Currency for cross-border and domestic uses. According to the authorities, these digital payment initiatives will facilitate financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society.
The next stage of the FIT Programme is where digital infrastructure will get developed and implemented, including Financial Could service, eKYC and Open Finance Platforms. These will improve regulatory compliance, drive innovation, enhance customer experience and strengthen the platforms’ security and resilience. The full integration is expected to be completed in 2026.
Last week the Dubai Virtual Assets Regulatory Authority (VARA) published a set of regulations regarding virtual assets and related activities. The document compels crypto-companies to secure a license and bans various market manipulations, including anonymous cryptocurrencies, among other measures.
