The Board of Directors approved measures to implement the UAE Financial Transformation Program, including services related to digital financial infrastructure. Details have not been disclosed, but the council reportedly decided to ban the circulation in the emirates of any stablecoins whose value is not related to the UAE dirhamam (AED) exchange rate.
“All stablecoins must be backed by UAE dirhams and cannot be linked to other currencies, digital assets or algorithms. Merchants and service providers are only permitted to use AED-backed tokens,” the CBUAE said in its decision.
Earlier, the Chairman of the Board of CBUAE, Sheikh Mansour bin Zayed Al Nahyan, said that the central bank carried out the first transfer of digital dirhams in the amount of 50 million dirhams ($13.6 million) to China.
Source: Bits
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