On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value over the past week ending on February 12th

CBUAE Launches FIT Initiative to Boost Digital Transactions

On February 12, the Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector. The FIT program will be rolled out in phases, beginning with the introduction of various digital payment infrastructures and services. Subsequently, the program will expand to include a variety of digital infrastructures related to data management and regulation. As part of the first phase of the FIT initiative, the CBUAE plans to introduce a domestic and international central bank digital currency (CBDC). 

In a statement, the bank claimed that the FIT is a step towards making the CBUAE one of the world's leading central banks. The initiative aims to promote digital transactions and enhance the financial services industry.

According to the statement, these digital infrastructures will boost their security and operational resilience while improving innovation and customer experience, reducing operating costs, and enhancing regulatory compliance.

The UAE's Central Bank unveiled the Financial Infrastructure Transformation plan, which consists of nine digital finance efforts to turn the country into a hub for digital payments. As a result, the news is positive for the most popular digital currency, Bitcoin.