December 16, 2018 |
Ayman Hussein, Deputy Governor of the Central Bank for Information Technology and Payment Systems, said that the Central Bank is currently studying the issuance of a digital currency, noting that the bank is cooperating with international institutions in the study.
He pointed out that the digital currency has several distinct advantages, including reducing the cost of issuing cash and limiting the use of cash and money circulation through banks. Hussein did not disclose whether the virtual currency would be limited to transactions between banks or between customers and banks.
This came on the sidelines of his participation in the first digital economy conference in Abu Dhabi today, under the patronage of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
