UAE Central Bank launches Digital Dirham strategy

UAE Central Bank

The Central Bank of the UAE (CBUAE) will implement its ‘The Digital Dirham’ Central Bank Digital Currency (CBDC) strategy. CBUAE has appointed G42 Cloud and R3 as infrastructure and technology providers, respectively, in a joint signing ceremony.

They will be crucial in the Central Bank’s CBDC implementation, which is one of the CBUAE’s nine initiatives under the Financial Infrastructure Transformation Programme.

CBDCs can bring significant benefits to regulators UAECB and common people. To the regulator, it is an important tool to manage the monetary policy, inflation, interest rates and to common people, it means increased financial inclusion.

The UAE Central bank has been making steady progress with CBDC initiatives since the launch of project Aber in 2020 to mBridge pilots in 2022. UAE is on track to become the leading nation in the world to take advantage of blockchain-backed digital currency.

CBDCs have the potential and promise to provide greater faster and cheaper transactions. This risk-free digital currency is easy to trust as it is fully backed by the UAE CB. Furthermore, the underlying blockchain technology provides the utmost level of security and data privacy.

With this, the UAE CB has opened up limitless possibilities and broken walls within the fintech and payments realm. We at Sav cannot wait to leverage CBDCs and offer another range of innovative solutions to our customers. – said Abdul Husein, CTO at Sav.

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Sonal B Chhibber is the Editor of GEC Media Group and an award-winning Indian Author, Editor, Journalist, Speaker, and Moderator, who enjoys an exciting portfolio of work that allows her to inspire, create and communicate. Sonal is well-experienced in Business Publications, Content Writing, Event Moderation, and Media Communication. She is a People and Engagement Specialist with professional experience and expertise in creating compelling content across a variety of platforms. Sonal is the recipient of the Best Writer Award and Most Inspirational Woman Award in UAE. She believes in the quote, "Either write something worth reading or do something worth writing."