The United Arab Emirates expect that the Dirham digital currency of the Dirham digital bank will be introduced in the fourth quarter of 2025.
According to the report at The Khaleey Times, Central Bank Governor Zea Khaled Mohamed Balam said that the currency based on blockchain can improve financial stability and facilitate in the fight against financial crime. According to the report, the retail sector could to expect Dirham digital edition in the last quarter of 2025.
“This [digital dirham] It will continue to develop innovative digital products, services and new business models, while reducing costs and increasing access to international markets, “said Balama.
The report also stated that the digital Dirham and its physical counterpart would be accepted as a payment method in all payment channels.
The message appears when the digital Dirham received a rebrand. The first letter Dirham will be its international symbol, as well as two horizontal lines representing the stability of the currency, inspired by the ZEA flag.
The up-to-date symbol of the Dirhams Zea. Source: Khaleey Times
Road to Dirhams digital in the United Arab Emirates
In June 2024, CBUAE approved the license framework for regulating Stablecoin. At the meeting with the Council of Directors of CBUEE in Abu, Zabi Zabi Zea officials discussed the government’s financial infrastructure program and approved the framework. The up-to-date rules explained the issue, licensing and supervision of payment tokens supported by Zaa Dirham.
After approving the framework, the Issuer Stablecoin Tether announced his plans to introduce Dirham Stablecoin supported by the Local Partners of Phoenix Group and Green Acorn Investments. The cooperation is aimed at establishing a fully designed digital representation of Zea Dirham currency.
After confirming the frame, other players joined the race to create Stablecoin supported by Dirham. On October 18, 2024, the company called Aed Stablecoin received permission to issue an regulated Stablecoin in the United Arab Emirates.
On November 1, the open network (tonnes) announced that the blockchain network will be launched in the blockchain network.
Related: Financial Financial Zone Abu Dhabi signs Mou with a chain for the tokenization framework
Stablecouins in the United Arab Emirates
In addition to supported by Dirham Stablecouins, the American dollar and Euro Stablecouins have also gained traction in this country.
February 24, Dubai Financial Services Authority, an independent regulatory body at Dubai International Financial Center (DIFC), considered USDC and EURC Circle as the first StablecOins as part of the cryptocurrency regime.
Meanwhile, Ripple spokesman had previously told Cointelegraph that the company was working on understanding Stablecoin’s requirements in the country. The spokesman said that he carefully monitors the changes and that their Rlusd Stablecoin is available in the United Arab Emirates.
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