currency will not replace physical cash but will complement it. It will be available for both retail and wholesale use, enabling everyday transactions, e-commerce, peer-to-peer transfers, and cross-border settlements. As part of the UAE’s Financial Infrastructure Transformation (FIT) programme, the Digital Dirham will operate through a two-tier model — issued by the CBUAE and distributed via licensed financial institutions to users through digital wallets. “The Digital Dirham will ensure a secure and efficient financial system, strengthen monetary stability, and support our global competitiveness,” said Khaled Mohamed Balama, Governor of the CBUAE. The project has already seen real-world success. In January 2024, Sheikh Mansour bin Zayed Al Nahyan executed the first cross-border transaction using the Digital Dirham via the mBridge platform, developed with global partners including the Bank for International Settlements. Since then, a retail pilot and four digital economy use cases have proven its effectiveness in promoting financial inclusion, programmable payments, and real-time settlements. Features such as smart contracts, offline usability, and strong data privacy are built into the currency’s architecture. Unlike private cryptocurrencies, the Digital Dirham will be non-interest-bearing and fully fungible with traditional forms of the Dirham. It also aligns with global standards from institutions like the IMF and BIS. Experts say the initiative is not only about modernization, but leadership. The UAE is preparing for a future where everyday payments, from a cup of coffee to international business transactions, can happen instantly and securely via a tap on a smartphone — no fees, no delays. The full rollout will be phased, beginning with expanded retail trials, followed by integration into banking apps and merchant platforms. Security will be reinforced with real-time fraud monitoring and cybersecurity protocols. With cross-border capabilities embedded, the Digital Dirham is expected to support the UAE’s vision of becoming a regional fintech hub, especially in trade and remittance corridors across Asia, Africa, and Europe.
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