Regulatory ActionAnnouncedThe Central Bank Of The UAE (CBUAE) Selects R3, G42 Cloud And Clifford Chance To Assist CBUAE In Implementing Its CBDC Strategy
Milestone Date: April 4, 2023
The Central Bank of the UAE (CBUAE) is investing in a digital transformation initiative and has launched its CBDC investment strategy. This CBDC strategy is aimed at relieving the challenges of cross-border payments, and furthering financial inclusion and payment infrastructure in the UAE.
The CBUAE has selected R3, G42 Cloud, and Clifford Chance to help develop and implement its CBDC strategy. The partnership aims to create a digital currency that operates alongside traditional currency, providing a secure and cost-effective alternative for domestic and cross-border transactions.
The project is part of the CBUAE's broader digital transformation strategy that aims to modernize the country's financial ecosystem and support economic growth. By implementing a CBDC, the CBUAE hopes to promote financial inclusion by providing a safe, efficient, and cost-effective means of transacting for all users.
Launching a CBDC would further enhance the UAE's reputation as a hub for digital innovation and technology leadership. The selection of R3, G42 Cloud, and Clifford Chance is a significant milestone in the development of the CBDC strategy, as these firms are leaders in the fields of blockchain, cloud computing, and law, respectively.
The CBUAE is well-positioned to develop and implement a world-class CBDC platform that meets the needs of users and promotes financial inclusion.
By Elizabeth Morrison
Published:April 4, 2023