The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the Emirati dirham, reinforcing the country's commitment to financial stability and innovation. The new symbol, inspired by the UAE flag, reflects the dirham’s strength and stability, with two horizontal lines symbolizing its firm foundation.
Digital Dirham: A Step Towards the Future
Set for rollout in the last quarter of this year, the Digital Dirham is a key initiative under the Financial Infrastructure Transformation Programme. It is designed to enhance the UAE’s digital economy by offering a secure and efficient alternative to physical currency. Unlike cryptocurrencies, CBDCs are issued and regulated by the central bank, ensuring stability and reliability.
Licensed financial institutions, including banks, exchange houses, finance companies, and fintech firms, will facilitate the issuance and distribution of the digital dirham. Users will be able to access a Digital Dirham Wallet, enabling seamless transactions for retail purchases, money transfers, cross-border payments, withdrawals, and more.
To implement this initiative, the CBUAE has partnered with G42 Cloud and R3, ensuring a secure and advanced infrastructure for the digital currency.With this move, the UAE continues to position itself as a global financial hub, embracing digital transformation while ensuring monetary stability.
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