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Langgam Pos - Jamal Saleh, the Director General of the UAE Banks Federation and a prominent panelist, highlighted that the UAE is making significant progress in Central Bank Digital Currency (CBDC) and artificial intelligence (AI).
The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the UAE Banks Federation to help businesses understand and adapt to the evolving digital asset landscape. This collaboration aims to solidify the UAE's position as a global leader in digital finance. However, challenges such as the lack of standardized accounting for digital assets and the need for robust cybersecurity measures were brought into focus.
This partnership comes as the UAE's CBDC project enters an advanced testing phase. Hanadi Khalife, the head of ICAEW Middle East, emphasized that this collaboration reinforces the UAE's leadership in CBDC adoption.
"The UAE is setting a global standard by proactively adopting CBDCs. Our partnership with the UAE Banks Federation is a testament to our commitment to guiding this transformation. Accountants play a crucial role in ensuring compliance and the success of organizations in this new digital era," Khalife said, as reported by Bitcoin.com on Thursday, August 15, 2024.
A virtual event preceding the ICAEW and UAE Banks Federation's announcement highlighted the potential of CBDCs to revolutionize banking operations and underscored the inevitability of financial digitalization.
Jamal Saleh noted that while the UAE is advancing in CBDC and AI, embracing digital assets requires strong cybersecurity measures and interdepartmental collaboration.
"Through joint efforts, such as our collaboration with ICAEW, and continuous skill development, companies can achieve safe and compliant digital asset integration," Saleh added.
The panelists also discussed the absence of standardized accounting frameworks for digital assets and its impact on investor confidence. They urged organizations to develop robust accounting practices and establish clear frameworks.
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