The board of directors of the Central Bank of the United Arab Emirates (CBUAE) approved the issuance of a new system to oversee and license stablecoins.
On Feb. 13, the CBUAE announced it would issue a central bank digital currency (CBDC) under the FIT initiative. According to the CBUAE, issuing a CBDC would help the UAE be competitive as a financial and digital payments hub.
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