The central bank of the United Arab Emirates (UAE) is planning to issue a central bank digital currency (CBDC) for domestic and cross-border payments as part of a new project to accelerate digital transformation.
We can add the UAE to the list of over 100 nations that are currently in the process of at least looking into implementing a CBDC. The UAE’s step towards this direction (like many other nations) is due to its desire for further digital transformation being part of “one of nine initiatives of the central bank’s Financial Infrastructure Transformation Program”, (CoinDesk).
“These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society,” the announcement said, adding that a digital dirham will “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.” (CoinDesk)
From a prophetic perspective I don’t see the rise in the popularity of digital currencies which is further spurring on this CBDC race as a coincidence. In my article, What is the Prophetic Significance of Digital Currency?, I elaborated on why I believe this digital currency race is prophetically significant.
I believe that this “CBDC race” may be laying the groundwork for the mark of the beast system that will come to fruition during the tribulation. As we see efforts for this progress it shows us how close this time period is, and even closer the rapture of the church.
CoinDesk: The issuance of a digital version of the UAE’s dirham is one of nine initiatives of the central bank’s Financial Infrastructure Transformation Program, announced on Sunday.
According to the announcement, the first stage of the project sets up a “series of digital payment infrastructures and services” including the issuance of a CBDC for “cross-border and domestic uses.”
“These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society,” the announcement said, adding that a digital dirham will “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.”
Jurisdictions around the world are considering the issuance of CBDCs to facilitate improvements in the payments and banking sectors, with the Bank of England recently joining in by publishing its own plans for a digital pound. Read More
Sources
- UAE Plans to Issue a CBDC to Promote Digital Payments (February 13th, 2023) – CoinDesk