The UAE’s Digital Dirham is ready and will be introduced in phases “very soon”, according to a senior executive at the UAE Central Bank.
“Phase one has a number of use-cases that are tailored and aligned with the digital economy,” Paul Kayrouz, chief FinTech officer at the UAE Central Bank, said during a session in Abu Dhabi Finance Week.
The UAE Central Bank began implementing its digital currency strategy in March 2023.
The Digital Dirham is a digital version of the UAE’s national currency, enabling instant settlements and widespread accessibility with the security and trust of traditional central bank-backed money.
The launch of the Digital Dirham will also benefit tourists, helping them to make transactions anywhere in the country, Mr Kayrouz said.
“We will enable tourists that come to the UAE to top up their CBDC [Central bank digital currency] wallet with any account or any wallet they may have, convert any currency to digital, spend the Digital Dirham in the UAE, and then on the way back, convert it to whichever currency they want by the click of a button,” he said.
His comments come after the UAE governm
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