A thorough report on the “Digital Dirham” project has been released by the Central Bank of the UAE (CBUAE) in advance of the introduction of the UAE’s national digital currency, as well as in support of digital transformation and the developing digital economy.
The study provides a comprehensive analysis of the ongoing research and development efforts by the CBUAE, leading up to the formal introduction of the national central bank digital currency (CBDC) soon, along with a detailed overview of the major accomplishments to date. It discusses the design tenets and regulatory frameworks that have influenced the creation of the Digital Dirham, ensuring it remains safe, dependable, and user-friendly while adhering to standards and best practices.
Additionally, it emphasises how the CBUAE works closely with the financial industry and key partners to make sure the Digital Dirham is adopted successfully. According to the report, Digital Dirham can accelerate transactions and improve the efficiency of payment systems by utilizing features like offline usability, smart contracts, and cross-border transactions. It can also facilitate access for unbanked individuals and non-residents in the United Arab Emirates, as well as drive innovation and financial inclusion.
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