The central bank reveals the new symbol of the UAE dirham

Abu Dhabi, March 27 / WAM / The United Arab Emirates Bank revealed today the new symbol of the national currency of the UAE “dirham”, which comes in an embodiment of the vision of the rational leadership, and the directives and follow -up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Bureau, Chairman of the Bank’s Board of Directors to enhance the state’s position as a leading global financial center.
One of the initiatives of the financial infrastructure transformation program, which was launched in 2023, announced the aim of enhancing the country’s pioneering status in the financial infrastructure and a destination for excellence in creating financial products and digital transformation.
The state’s digital dirham acquires its legal base under the provisions of Decree by Federal Law No. 54 of 2023, which amended some provisions of Federal Law No. 14 of 2018 regarding the central bank and organizing facilities and financial activities, which ensures the acceptance of the digital dirham a comprehensive payment tool for all ports and channels of payment within the state, along with the “paper and metal” monetary currency.
The disclosure of the new symbol of the dirham in conjunction with the joining of the central bank as the first central bank in the Arab countries to the Global Charter for Foreign Drainage, within its endeavors to consolidate the position of the UAE dirham an international currency, enhance integrity and best practices in the national currency exchange market against foreign currencies, and encourage ethical practices and sound professional rules for dealers in it.
The Central Bank is issued as a digital dirham as a digital version of the national currency of the UAE, and it is characterized by being a tool that provides high levels of safety and efficiency, and contributes to reducing costs in payment operations, through data privacy and speeding up the completion of transactions.
Individuals and companies will be able to obtain a digital dirham through licensed financial institutions, such as banks, exchange stores, and financial technology companies, according to what will be activated from use cases, and the digital dirham is expected to issue the retail sector in the last quarter of 2025.
Digital dirham also has many basic advantages and characteristics, which contribute to development and innovation and includes: digital coding and smart contracts.
With regard to digital coding, the digital dirham enables coding, enhances financial inclusion, efficiency and expansion of access to liquidity through the digital retail assets.
For smart contracts, the digital dirham is used with smart contracts to program the implementation of the most sophisticated transactions automatically, instantly settling them, as well as multi -stage transactions and limbs, which involve conditions and obligations.
In a step that shows the level of development in the completion of the digital dirham program, the central bank announced today the new code of the national currency of the UAE with its critical and digital formulas, where the symbol D is chosen derived from the name Dirham in the English language Dirham, to be a global symbol that represents the state currency, and includes two horizontal lines, inspired by the flag of the United Arab Emirates, to enhance financial and critical stability.
As for the digital dirham, a circle surrounding the code of critical currency was added, in which the colors of the state flag were used, to embody pride and pride in the national identity.
This option comes as evidence of the global spread of national currency, openness to a more prosperous future, and commitment to developing an innovative local financial system with a global horizon.
The Central Bank has developed an integrated and safe platform for the issuance, circulation and use of digital dirhams, which includes a digital dirham portfolio designed to be easy to use and manage by individuals and companies, and enables a number of financial transactions, including the retail and sentence sectors payments, cross -border, transfer and clouds, recharge, and replace Standards and practices in this regard.
The platform is also distinguished by its ability to include innovative financial solutions for emerging cases of use, which is driven by the accelerated growth of the digital economy in the country, which contributes to ensuring a flexible and advanced financial system for the state, and enhances its competitiveness to become a leading financial center, and a global platform for digital payments.
On this occasion, His Excellency Khaled Mohamed Balma, Governor of the Central Bank, expressed his pride in the development in the implementation of the digital dirham program by announcing the new symbol of the national currency of the UAE “dirham” with its critical and digital formulas, and the development of the “digital dirham portfolio”, which represents a qualitative shift towards achieving the vision of the central bank.
He expected the digital dirham, as a platform based on blockchain technology and with advanced capabilities, to enhance stability and financial inclusion, and the flexibility of the financial system, while ensuring strict compliance with the criteria for facing financial crimes and enables the development of innovative digital products and services, and new business models, will contribute to reducing cost, and increasing access to global markets.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related