The UAE Central Bank announces plans to issue a CBDC

The issuance of a CBDC aims to address inefficiencies in cross-border payments and drive innovation for domestic payments...

While some countries fight over regulatory nuances in the crypto market, others have taken a very open approach to crypto.  The United Arab Emirates (UAE) is one of those countries. Last year, the country established a Virtual Assets Regulatory Authority (VARA). The regulatory body granted provisional licenses to major operators like Binance, OKX, and Komainu.  In a recent announcement, the UAE Central Bank said it was planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of its broader financial infrastructure transformation (FIT) program.  This development is important to traders because CBDCs could eventually form the crypto-version of current Forex markets. Think of CBDCs as reflections of the fiat currencies of each country.  Similar to how one could create a USD/JPY pair and trade it, eventually there may be a similar pair based on different countries' CBDCs that is also tradeable.  The UAE government's acceptance of CBDC also speaks to a broader acceptance of cryptocurrency as the protagonist in the next evolution of financial markets. Conceptually, this is bullish news, and it may have significant impacts on regional and international trade.  Get the full story by reading the complete article on Cointelegraph. Don't miss a beat in the world of crypto. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Cointelegraph Markets Pro — click here to learn more. Regards, Russell DeCorte Director Markets Pro © 2023 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2023 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.