The United Arab Emirates Banks Federation (UBF) said in a statement that the federation, in collaboration with the Institute of Chartered Accountants in England and Wales (ICAEW), has helped companies navigate the rapidly evolving digital asset landscape.

According to Amac News: In the announcement of the Federation of Emirates Banks, it is stated that this initiative coincides with the pilot implementation of the advanced digital currencies of the Central Bank of the United Arab Emirates (CBDC), which places the country at the forefront of financial innovation.
CBDCs are digital forms of a country's sovereign currency that are issued and regulated by a central bank. They are designed to work alongside traditional physical currencies and provide a secure and efficient way to conduct digital transactions.
The UAE is one of only 36 countries in the world currently piloting them.