15 West African Nations Highly Concerned with Cryptocurrency Volatility
BingX Cooperates with Advcash Adding Ukrainian and Kazakh Fiat to Crypto Solutions

UAE Central Bank Plans to Launch Digital Currency in 3 Years

Bingbon Chart

Source: TradingView& Bingbon

41,000 GBTC shares are gonna unlock this month which would lead to some selling pressure. Within the past few hours, a slashing wave of selling pushed Bitcoin price close to the $31,000 support level. A low trading volume and general disinterest from traders make BTC break the $32,000 key support zone. The altcoin market was also hit hard by the bloody sell-off, leaving few coins in the green as traders hastily made for the exits. The price of Bitcoin has been trading between $40,000 and $30,000 over the last few weeks and the range it’s trading in has been shortening over time as its volatility plunges. Technical indicators now suggest that the range may be broken upward or downward in a few days.

Today’s Headline

The Central Bank of the United Arab Emirates has announced its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. The Emirates central bank said its plans include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions.

CBUAE’s strategy involves seven objectives to help drive the country’s digital transformation ambitions, primarily focused on financial services. Gulf News reported that this transformation will be heavily dictated by the latest iterations of artificial intelligence and big data solutions.