- The UAE is implementing a strategy to launch the Digital Dirham.
- Looks like this nation is welcoming CBCDs with open arms.
- This move was inevitable as the country has always been open to blockchain technology.
The United Arab Emirates (UAE) continues to show its dedication towards adopting a crypto-centric future. Much like other nations who are working towards bringing a digital currency recognized by the government, the UAE is taking that step with the Digital Dirham.
In detail, the UAE Central Bank has begun implementing its Digital Dirham strategy, which aims to enhance the country’s payment infrastructure and promote financial inclusion. Another strategic move for the nation to fulfil its future technological goals.
This comes as no surprise to many as it was only a matter of time before the UAE proposed this idea. After all, the tech-savvy nation has always shown its support towards blockchain technology.
Specifically, the UAE Central Bank has partnered with Abu Dhabi’s G42 Cloud and digital finance services provider R3 to provide the infrastructure and technology required for the implementation of its central bank digital currency (CBDC).
The Digital Dirham seeks to address existing challenges associated with domestic and cross-border payments, facilitate the transition towards a cashless society, and strengthen the UAE’s payment infrastructure by providing additional channels.
Governor Khaled Balama believes that the launch of the CBDC strategy is a significant step towards the country’s digitalisation journey and will promote financial inclusion.
“The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. The CBDC will accelerate our digitalisation journey and promote financial inclusion.”
Adding on, the UAE Central Bank says that it sees CBDCs as a risk-free form of issuing digital money. More so, it is guaranteed by the regulator. This makes it cost-effective, efficient, and secure for the nation. It looks like the UAE is excited to introduce this new form of payment and store of value to its people.
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