The Central Bank of the UAE (CBUAE) has released a thorough report on the “Digital Dirham” project in advance of the introduction of the UAE’s national digital currency, as well as in support of digital transformation and the developing digital economy.
As the CBUAE works toward the formal introduction of the national central bank digital currency (CBDC) soon, the paper offers a thorough analysis of the current research and development as well as a detailed overview of the major accomplishments to date. Under best practices and standards, it provides the design ideas and policy frameworks that have influenced the creation of the Digital Dirham and guarantee that it continues to be safe, dependable, and user-friendly.
To ensure the successful implementation of the Digital Dirham, the CBUAE emphasises its close cooperation with the financial industry and key partners. Through features like offline usability, smart contracts, and cross-border transactions, the report highlights Digital Dirham’s capabilities and role in promoting innovation and financial inclusion, facilitating access for the unbanked and non-residents in the United Arab Emirates, and speeding up transactions and increasing the effectiveness of payment systems.
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