Iftar Timings Mar 19 - Ramazan 8

Lahore
LHR
06:14 PM
Karachi
KHI
06:43 PM
Islamabad
ISB
06:19 PM
Peshawar
PWR
06:23 PM
Quetta
QTA
06:43 PM

News

UAE says to launch digital currency within five years

July 12, 2021 10:26 PM


The United Arab Emirates will launch its first digital currency by 2026, the central bank of the oil-rich Gulf state, which serves as the region's financial hub, said Monday.

Several central banks around the world have recently announced similar plans, while criticising decentralised cryptocurrencies like bitcoin. 

The Emirates central bank said its plans include "issuing a digital currency and driving digital transformation in the UAE's financial services sector, by utilising the latest artificial intelligence and big data solutions."

The announcement is part of its "2023-2026 strategy" which aims to "position it among the world's top 10 central banks", it said according to state media.

In 2019, Saudi Arabia and the UAE announced a test phase of a common cryptocurrency for cross-border transactions.

The UAE has big tech ambitions, investing in artificial intelligence, launching a space program, and hosting the regional headquarters of large multinational digital firms.

Faced with increasing popularity of the cryptocurrency bitcoin, as well as for online payments during the pandemic, central banks are exploring new units of their own.

China launched the race in March with the start of a test phase of its digital yuan.

The central banks of the United States, the European Union and England are also evaluating the possibility of launching their own digital currencies, which are designed to bring stability to a highly speculative sector.

Created in 2008 as an alternative to traditional currencies, bitcoin is the world's most popular virtual unit. 

But its price has slumped recently due to fresh moves from China to crack down on cryptocurrencies.

 

 



Most Read

  1. Google invites Pakistan’s youngest vlogger Shiraz and sister Muskan to USA Google invites Pakistan’s youngest vlogger Shiraz and sister Muskan to USA
  2. Well-known builder Asif Razaq Deenar arrested at Karachi airport Well-known builder Asif Razaq Deenar arrested at Karachi airport
  3. Islamabad players celebrate victory with Palestine flag Islamabad players celebrate victory with Palestine flag
  4. Caught in the act: Corrupt cops fired as video goes viral Caught in the act: Corrupt cops fired as video goes viral
  5. Religious Brotherhood: Tharparkar’s Hindu facilitiates Muslim in Ramazan Religious Brotherhood: Tharparkar’s Hindu facilitiates Muslim in Ramazan
  6. Ahmed Baig delivers Pakistan's first International Golf Victory in more than 25 years Ahmed Baig delivers Pakistan's first International Golf Victory in more than 25 years

Opinion

  1. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  2. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  3. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  4. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  5. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer

  6. From White Elephant to Success: BRI Project Witnesses Surge in Ridership
    From White Elephant to Success: BRI Project Witnesses Surge in Ridership

    By Ali Ramay