New symbol revealed for UAE Dirham
The Central Bank of the UAE (CBUAE) has unveiled the new symbol for the country's national currency, representing both its physical and digital forms.
The new symbol, inspired by the English name of the Dirham, features two horizontal lines symbolizing the stability of the currency and is inspired by the UAE flag to reflect financial stability.
For its digital counterpart, a circle surrounds the symbol, using the UAE flag's colours to emphasise national pride and identity.
This announcement highlights the UAE's global ambitions, demonstrating the Dirham's expanding international presence and the country's commitment to innovation in its financial system.
In related news, the CBUAE has also joined the FX Global Code, becoming the first central bank in the Arab region to do so. This move supports the UAE Dirham's goal of becoming a key international currency, while reinforcing best practices and ethical standards in currency exchange.
The 'Digital Dirham', a secure and efficient digital version of the national currency, is set to launch in late 2025 for the retail sector.
The digital currency, which leverages blockchain technology, promises lower transaction costs, enhanced data security, and efficient risk management.
Individuals and businesses will be able to obtain the Digital Dirham through licensed financial institutions such as banks, exchange houses, finance companies and fintech companies, according to the use cases that will be activated.
Key features of the Digital Dirham include tokenization, promoting financial inclusion and greater liquidity, and the use of smart contracts to facilitate automatic, real-time transactions, even for complex, multi-party deals.
Integrated Platform and Digital Wallet
The CBUAE has developed an integrated and secure platform for the issuance, circulation and use of the Digital Dirham, including a wallet.
The Digital Dirham wallet is designed for ease of use and management by both individuals and businesses, enabling a number of financial transactions, including retail, wholesale and cross-border payments, money transfers and withdrawals, top-ups, and redemption of the Digital Dirham when needed.
The platform can also easily incorporate innovative financial solutions tailored to emerging use cases driven by the rapid growth of the digital economy in the UAE.
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