Latest news with #UAEDirham
Time of India
29-04-2025
- Business
- Time of India
AE Coin set to transform UAE's financial landscape with Dirham-backed stablecoin
What is AE Coin? Significance of AE Coin Live Events Collaborative effort Looking ahead (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The United Arab Emirates (UAE) is poised to revolutionize its financial landscape with the imminent launch of AE Coin , the nation's first fully regulated, dirham-backed stablecoin . This initiative aligns with the UAE 's broader digital transformation strategy, aiming to enhance financial inclusion , streamline transactions, and position the country as a leader in the digital Coin is a stablecoin pegged 1:1 to the UAE Dirham (AED), ensuring price stability and reducing the volatility commonly associated with cryptocurrencies. Fully backed by reserves held within the UAE, AE Coin operates under the Central Bank of the UAE's (CBUAE) Payment Token Services Regulation , which mandates stringent reserve, security, and transparency financial inclusion: AE Coin aims to provide a secure and efficient digital payment solution, particularly benefiting the UAE's substantial expatriate community by facilitating low-cost, instantaneous the digital economy: By integrating blockchain technology into its financial infrastructure, the UAE seeks to attract global investment and talent, fostering innovation across various sectors, including finance, trade, and leadership: The UAE's proactive approach in establishing a clear regulatory framework for digital assets positions it as a forward-thinking nation committed to embracing technological advancements while ensuring financial stability and consumer Read: Is the memecoin mania affecting the credibility and future of crypto? The development and issuance of AE Coin involves a collaboration between prominent UAE entities, including the Abu Dhabi sovereign wealth fund ADQ, International Holding Company (IHC), and First Abu Dhabi Bank (FAB). This partnership underscores the nation's commitment to fostering a robust and innovative digital financial AE Coin prepares for its official launch, it symbolizes a significant step towards the UAE's vision of a diversified, digitally-driven economy. By embracing blockchain technology and introducing a regulated stablecoin, the UAE is setting a precedent for other nations aiming to modernize their financial systems and promote inclusive economic growth.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Arabian Business
31-03-2025
- Business
- Arabian Business
UAE announces new Dirham symbol
The UAE has officially approved a symbol to represent the Dirham currency unit. The Central Bank of the UAE (CBUAE) has unveiled the new symbol for the UAE's national currency, the 'Dirham'. It means the Dirham now has a symbol like the dollar's $ or the euro €. UAE Dirham symbol The CBUAE announced the new symbol for the UAE's national currency in its physical and digital forms. The new UAE Dirham symbol will look like this The letter was chosen, derived from the English name of the Dirham, to serve as an international symbol representing the nation's currency, incorporating two horizontal lines that embody the stability of the UAE Dirham and inspired by the UAE flag, to enhance financial and monetary stability. The Digital Dirham will look like this: On the other hand, the Digital Dirham symbol features a circle surrounding the physical currency symbol, using the colours of the UAE flag to reflect pride and national identity. The symbol choice serves as evidence of the national currency's global reach and openness to a more prosperous future, and commitment to developing an innovative local financial ecosystem with a global perspective. The CBUAE also announced the progress of the Issuance and Circulation of the Digital Dirham, a key initiative of the Financial Infrastructure Transformation (FIT) Programme launched by the CBUAE in 2023, aiming to bolster the UAE's position as a pioneer in Financial Market Infrastructure (FMI) and a destination for excellence in financial products innovation and digitalisation. The UAE's Digital Dirham is underpinned by Federal Decree-Law No. (54) of 2023 amending certain provisions of Federal Decree-Law No. (14) of 2018 concerning the Central Bank and Regulation of Financial Institutions and Activities. This will ensure the acceptance of the Digital Dirham as a universal payment instrument (legal tender) in all payment outlets and channels alongside physical currency. The unveiling of the new dirham symbol is in conjunction with the CBUAE's recent joining to the FX Global Code, becoming the first central bank in the Arab region to do so, comes as part of the CBUAE's efforts to establish the UAE Dirham as an international currency, along with enhancing the integrity and best practices in the exchange market of the national currency against foreign currencies and promoting ethical practices and sound professional rules for its participants. The CBUAE issues the 'Digital Dirham' as a digital version of the UAE's national currency, characterised by high levels of security and efficiency, contributing to reduced costs of payments through its reliance on blockchain technology, which by its technical design insures effective risk management, data protection/privacy, and atomic transaction completion. 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. The issuance of the Digital Dirham is expected to take place in the last quarter of the year 2025 for retail sector. The Digital Dirham offers several key advantages and characteristics that drive development and innovation, including: Tokenisation: The Digital Dirham facilitates tokenisation, enhancing financial inclusion and efficiency, and expanding access to liquidity through digital asset fractionalisation Smart Contracts: The Digital Dirham is used with smart contracts to programme the execution of complex transactions automatically, settling them instantly, in addition to multi-stage and multi-party transactions that involve conditions or obligations The CBUAE has developed an integrated and secure platform for the issuance, circulation, and use of the Digital Dirham, including a Digital Dirham wallet. The 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. This ensures a seamless and convenient user experience, in line with industry best standards and practices. The platform is also characterised by its ability to easily incorporate innovative financial solutions tailored to emerging use cases driven by the rapid growth of the digital economy in the UAE. This contributes to ensuring a flexible and advanced financial system, further solidifying the UAE's competitive edge as a leading financial hub and global digital payments platform. Khaled Mohamed Balama, Governor of the CBUAE, said: 'We are proud to unveil today the new symbol for the UAE's national currency the 'Dirham' in both its physical and digital forms, and the design of the Digital Dirham wallet. This reflects the significant advancements in the implementation of the Digital Dirham programme and a leap towards realising the CBUAE's vision. 'It is anticipated that the Digital Dirham as a blockchain based platform with cutting edge capabilities shall substantially enhance financial stability, inclusion, resilience, and combatting financial crime. It will further enable the development of innovative digital products, services, and new business models, while reducing cost and increasing access to international markets.'
Hi Dubai
28-03-2025
- Business
- Hi Dubai
UAE Introduces New Dirham Symbol and Advances Digital Currency Initiative
The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the UAE Dirham, reinforcing the nation's vision of becoming a global financial hub. The initiative aligns with the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan and aims to enhance the Dirham's international recognition. The new symbol, inspired by the UAE flag, incorporates two horizontal lines representing financial stability. A distinct variant for the Digital Dirham features a circular design in the UAE's national colors, reflecting the currency's modern evolution. Alongside this, the CBUAE announced the progress of the Digital Dirham, a key element of the Financial Infrastructure Transformation (FIT) Programme launched in 2023. Set for retail issuance in late 2025, the Digital Dirham will be legally accepted across all payment channels. Backed by Federal Decree-Law No. (54) of 2023, it will function as a secure and efficient blockchain-based payment instrument. The Digital Dirham will offer advantages such as tokenization for improved liquidity, smart contracts for automated transactions, and robust security measures to protect user data. It will be accessible through licensed financial institutions, enabling seamless transactions for individuals and businesses. Additionally, the CBUAE has developed an integrated digital wallet to facilitate various financial activities, including payments, transfers, and redemptions. The platform is designed to support emerging digital financial solutions, ensuring flexibility and innovation in the UAE's growing digital economy. Khaled Mohamed Balama, Governor of the CBUAE, emphasized that the Digital Dirham will enhance financial stability, inclusion, and international market access while reducing transaction costs and combating financial crime. With these advancements, the UAE continues to position itself at the forefront of financial innovation, further strengthening its status as a global digital payments leader. News Source: Emirates News Agency
TAG 91.1
27-03-2025
- Business
- TAG 91.1
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.
Dubai Eye
27-03-2025
- Business
- Dubai Eye
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.
