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UAE launches {Digital Dirham} Economical 2023/03/26 Abu Dhabi: Agencies The UAE Central Bank launched a new digital currency strategy, called the "Digital Dirham". According to a statement published by the bank on its website, the strategy is one of the nine initiatives of the financial infrastructure transformation program in the UAE. He explained that in order to implement this strategy, the bank signed an agreement with "G42 Cloud" and "R3" companies to launch the implementation of its strategy, stressing that "the first was chosen to provide infrastructure services for the project, while the second will provide technological services." The UAE Central statement indicated that the first phase of the strategy will focus on three main pillars, which are “the pilot launch of the bridge platform with the aim of facilitating financial transactions for cross-border digital currencies and settlement of international trade payments, and bilateral cooperation to prove the concept of central digital currencies with the Republic of India, which is the largest The trading partners of the UAE, in addition to working to prove the concept of a digital currency to central banks, to issue a digital currency for the use of individuals, companies and institutions in the Emirates. The statement expected the completion of the first phase of its digital currency strategy, within the 12 to 15 months coming. This strategy comes after the success of the digital currency initiatives of central banks, including the “Aber” project with the Saudi Central Bank during 2020, the results of which confirmed the possibility of using the digital currency issued by the two central banks to settle cross-border payments.
