The Central Bank of the UAE (CBUAE) Board approved on Monday the issuance of a system for licensing and overseeing stable cryptocurrencies in addition to a series of policies that aim to support the banking and insurance sectors and services related to financial infrastructure.
The Board also reviewed updates on the Central Bank’s plans to enhance Emiratization and support UAE nationals in addition to new Emiratization policies of institutions operating in the banking, financial and insurance sectors.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of CBUAE, chaired the meeting of the CBUAE Board of Directors, which took place at Qasr Al Watan, Abu Dhabi.
In addition to approving the stable cryptocurrency system, the CBUAE Board meeting reviewed the implementation of projects under the Financial Infrastructure Transformation Program. This program aims to promote innovation and digital transactions and drive the UAE’s digital economy, including the central bank digital Ccurrency (Digital Dirham), the Jaywan Domestic Card Scheme, and the Instant Payments Platform (Aani).
Read: Dubai’s DFSA enhances crypto token framework to foster innovation, development
The Board meeting also reviewed the latest updates on the implementation of memorandums of understanding signed between CBUAE and other central banks.
At the conclusion of the meeting, Sheikh Mansour commended the CBUAE Board and the bank’s efforts and projects that promote innovation and drive digital transformation and sustainability, as well as the steps aimed at ensuring monetary and financial stability and integrity. Moreover, he called for continuing these efforts to fulfill the central bank’s objectives and vision to expand the financial sector.
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