The International Monetary Fund (IMF) has found that 19 countries, including the United Arab Emirates (UAE), are in the advanced stages of central bank digital currency (CBDC) testing. Bahrain and Saudi Arabia in the Middle East are also continuing their CBDC tests. Georgia and Kazakhstan have moved to the “proof-of-concept” stage after successful CBDC pilot programs, as stated by the IMF.
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BRICS Countries: The Russian Foreign Minister states that the BRICS alliance is not seeking global dominance
Among the five leading countries in the BRICS alliance, a digital currency is emerging to facilitate cross-border payments, which could potentially challenge the monopoly of the US dollar in global trade. This action is expected to have an impact on various sectors of the US economy.
According to the IMF, CBDCs have the potential to enhance financial inclusion and payment efficiency in the BRICS and Middle East countries. Specifically, they could improve international payment services aimed at eliminating inefficiencies, such as data format differences, operational rules in different regions, complex regulatory compliance checks, and more.
This could lead to a significant reduction in transaction costs, which would be most beneficial for oil exporters such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, which are members of the Gulf Cooperation Council (GCC).
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