The Central Bank of the United Arab Emirates (CBUAE) plans to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of its first Financial Infrastructure Transformation (FIT) program.

In a recent announcement by the CBUAE, the central bank launched the FIT program and stressed that it is aimed at supporting the country's financial services industry. The central bank noted that the program will promote digital transactions and aims to enhance the UAE's competitiveness as a financial and digital payments hub.

The first phase of the FIT program includes the issuance of a CBDC. According to the central bank, the issuance of a CBDC will “address problems and inefficiencies in cross-border payments and help drive innovation in domestic payments, respectively.” (Cointelegraph)