UAE Central Bank issues report on progress of 'Digital Dirham' project

In preparation for the launch of the UAE's national digital currency and in support of digital transformation and the evolving digital economy, the Central Bank of the UAE (CBUAE) has published a comprehensive report on the "Digital Dirham" project.

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The report provides an in-depth review of the key achievements to date, along with comprehensive analysis of the ongoing research and development as the CBUAE moves towards officially launching the national central bank digital currency (CBDC) in the near term. It covers the design principles and policy frameworks that have shaped the development of the Digital Dirham, ensuring it remains secure, reliable and easy to use, in line with best practices and standards issued by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS).

It also highlights the CBUAE’s close collaboration with the financial sector and strategic partners to ensure the effective adoption of the Digital Dirham. The report outlines Digital Dirham capabilities and role in driving innovation and financial inclusion, enabling access for the unbanked and nonresidents in the UAE, accelerating transactions and boosting the efficiency of payment systems through features such as offline usability, smart contracts and cross-border transactions.

The Digital Dirham represents one of the CBUAE's key strategic initiatives.