UAE Central Bank to Issue CBDC

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Today’s Cryptocurrency Headline

The Central Bank of the United Arab Emirates (CBUAE) plans to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of its newly launched first Financial Infrastructure Transformation (FIT) initiative. In the CBUAE’s recent announcement, the central bank introduced the FIT scheme, emphasizing that it aims to support the country’s financial services sector. The central bank noted that the initiative will facilitate digital transactions and aims to enhance the UAE’s competitiveness as a financial and digital payment hub.

BingX’s Bitcoin Chart

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According to CoinShare, digital asset investment products saw minor outflows totaling US$7m last week. Bitcoin is down 0.36% over the last 24 hours and fell to an intraday low of $21,351.07. The largest cryptocurrency continued to trade close to a multi-week low on Monday, as the United States Securities and Exchange Commission’s actions against Kraken and Paxos have increased nervousness among crypto investors. The downsloping 20-day exponential moving average and the relative strength index in the negative zone indicate the market sentiment has become bearish.

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