UAE Central Bank Digital Currency news on release of Digital currency is inaccurate

Lara Abdul Malak 14 July 2021

1 minute read

When an article came out in WAM News agency stating that the Central Bank of the United Arab Emirates (CBUAE) had announced its 2023-2026 strategy and that part of the strategy was the issuance of a digital currency and digital currency and driving digital transformation in the UAE’s financial services sector by utilising the latest artificial intelligence and big data solutions, media publications and platforms including UNLOCK published the news piece.

Soon afterwards UNLOCK received information from the Central Bank of UAE that this news piece was inaccurate.Following this, WAM News agency took down the article in its entirety. Yet media platforms continue to publish this piece of news as if it is correct. UNLOCK wanted to clarify that this news is inaccurate and has no basis.

This doesnt mean that at some point in time the Central Bank of UAE might issue a digital currency given the work they had carried out on joint CBDC project with KSA and published their final report, in addition to Central bank of UAE work to have joined the Asian CBDC project with Hong Kong Monetary Authority earlier this in 2021.

To date the Central Bank of UAE has not confirmed or negated plans to issue a digital currency.