The Central Bank of the United Arab Emirates (CBUAE) has announced that it is to issue its own digital currency within the next five years.

The move by the CBUAE is part of its 2023 to 2026 strategy which it says that it aims to position itself  among the world's top 10 central banks.

In its announcement on Monday, the CBUAE announced seven objectives, including the issuance of the digital currency - known as CBDCs or Govcoins - and driving digital transformation in the UAE's financial services sector using artificial intelligence and big data solutions.

The strategy will also see technology used across inspection, monitoring and insurance systems, in addition to utilising the UAE's digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy access to financial services.

In a statement the CBUAE aid that it also aims to support the UAE's green economy efforts as ESG awareness continues to grow in the world, and the CBUAE will focus on developing more innovative financial infrastructure to boost the UAE's competitiveness.

As part the CBUAE's plans a survey entitled 'Future Expectations and Needs of Partners Survey', is scheduled to be conducted on 15th July, 2021.