The Central Bank issues the first report of the “Bridge” project for digital currencies

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The Governor of the Central Bank of the Emirates, Khalid Mohammed Salem Balama Al-Tamimi, announced today that the bank, in cooperation with Asian partners, has issued the first report of the “Bridge” project for multiple digital currencies for central banks, which is an achievement within the international commercial payments project, in light of the bank’s work with partners in the GCC countries. Gulf Cooperation Council and Asian countries in order to provide innovative and highly efficient cross-border payment options.

This came during the activities of the second and final day of the “Future of the Financial System” conference, which is hosted by the “Central Bank” with wide regional and international participation.

In a speech, the governor focused on the strong recovery indicators recorded by the UAE and other leading economies, and the importance of Islamic finance as a driving force in a world that seeks to achieve sustainable growth and economic resilience.

He referred to some qualitative initiatives such as facilitating commercial payments and financial settlements through the central bank’s secure digital payment systems, which are increasingly important day by day, stressing that the bank will continue to implement supervisory and regulatory tasks, to ensure continued sustainable growth.

Balama added that the Central Bank is working with partners to lay the foundations that lead us towards further progress in building a sustainable economy in light of working to provide the optimal environment for Islamic financial institutions, explaining that Islamic finance plays a major role in the future of the financial sector, thanks to the large and wide impact of products. Sharia-compliant banking on the diversity and flexibility of the financial system.

He said that protecting the state’s financial system, its economy and consumers remains our top priority, regardless of where the financial sector will reach thanks to the digital path, stressing that the proposed national strategy for payment systems for business and consumers provides a faster and safer way to settle bills and ensure the economy’s flexibility.

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