UAE unveils new dirham symbol and digital currency
RIYADH: The Central Bank of the UAE on Thursday introduced a new symbol for the nation's currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE's status as a leading global financial center.
According to the Emirates News Agency or WAM, the newly unveiled dirham symbol draws inspiration from the English letter 'D' and features two horizontal lines that represent financial stability. The design is also a nod to the UAE flag, symbolizing national pride and resilience.
This symbol will serve as a global representation of the dirham, promoting the UAE's currency across international markets.
The launch of the symbol coincides with the UAE's adoption of the FX Global Code, which positions the CBUAE as the first central bank in the Arab region to join this important framework.
The FX Global Code is renowned for promoting best practices and ethical standards within the foreign exchange market, and this step further enhances the UAE's commitment to integrity and transparency in financial dealings.
Alongside the physical dirham symbol, the CBUAE is advancing the issuance and circulation of the digital dirham, a core initiative of the Financial Infrastructure Transformation Program launched in 2023.
The digital dirham will feature a circular design, incorporating the UAE flag's colors, which reinforces the nation's sense of pride and modernity in the evolving financial landscape.
Khaled Mohamed Balama, governor of the CBUAE, expressed his enthusiasm for these transformative steps: 'We are proud to unveil today the new symbol for the UAE's national currency and the design of the digital dirham wallet,' he stated.
'The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime.'
He further emphasized that the digital dirham is set to drive innovation in the financial sector by enabling the creation of new digital products and services, while lowering costs and expanding access to international markets.
The digital dirham will be made available through licensed financial institutions, including banks, exchange houses, fintech firms, and other financial services providers. It will be legally recognized as a universal payment method, alongside physical currency, creating a seamless experience for both digital and traditional transactions.
Key features of the digital dirham include:
Tokenization: This innovative process will enhance financial inclusion by allowing fractionalized access to digital assets, thereby improving liquidity.
Smart contracts: The digital dirham will facilitate the use of smart contracts, automating the execution of complex transactions, including multi-party agreements and conditional obligations, with instant settlement.
To support the digital currency, the CBUAE has developed a robust and secure platform for its issuance and circulation. This platform includes a user-friendly digital dirham wallet, designed to handle a wide range of financial transactions, including retail and wholesale payments, cross-border transfers, withdrawals, and top-ups. It also ensures ease of access and a convenient user experience, adhering to industry best practices.
As the UAE continues to lead in the digital economy, the digital dirham platform is designed to adapt to emerging financial needs, facilitating innovative solutions and reinforcing the country's position as a global leader in digital payments.
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