UAE’s digital currency in design phase, says central bank governor
UAE’s planned digital currency is now in the design phase in cooperation with the Saudi Arabian Monetary Authority (SAMA), Ro’ya newspaper reported, citing Mubarak Al-Mansouri, governor of UAE’s Central Bank.
The launch date will be determined according to the Saudi part and the current study, he said.
The digital currency will not replace a certain bill, but it will be a new payment tool used by banks not individuals, he added.
According to data compiled by Argaam, Al-Mansouri said in December 2017 that the digital currency is under study in cooperation with Saudi Arabia to be used in payments.