Source: Cointelegraph Original: "{title}"
The UAE is expected to launch its digital dirham central bank digital currency in the fourth quarter of 2025.
According to a report by the Gulf Times, Khaled Mohamed Balama, the Governor of the Central Bank of the UAE, stated that this blockchain-based currency could enhance financial stability and help combat financial crime. The report indicates that the retail sector is expected to issue the digital dirham in the last quarter of 2025.
Balama reportedly said, "It (the digital dirham) will further promote the development of innovative digital products, services, and new business models, while reducing costs and increasing opportunities to enter international markets."
The report also noted that the digital dirham and its physical version will be accepted as a payment method across all payment channels.
The announcement comes as the digital dirham undergoes a rebranding. The initial of the dirham will become its international symbol, while two horizontal lines will represent the currency's stability, inspired by the UAE flag.
New symbol for the UAE dirham. Source: Gulf Times
In June 2024, the Central Bank of the UAE approved a regulatory framework for stablecoin licensing. During a meeting in Abu Dhabi with the board of the Central Bank of the UAE, officials discussed the government's financial infrastructure plans and approved the framework. The new rules clarify the issuance, licensing, and regulation of payment tokens backed by the UAE dirham.
Following the approval of the framework, stablecoin issuer Tether announced plans to launch a dirham-backed stablecoin in partnership with local partners Phoenix Group and Green Acorn Investments. This collaboration aims to establish a digital representation fully supported by the UAE dirham currency.
After the framework was approved, other participants also joined the competition to create dirham-backed stablecoins. On October 18, 2024, a company named AED Stablecoin received principle approval to issue regulated dirham-pegged stablecoins in the UAE.
On November 1, The Open Network (TON) announced that Tether's dirham-pegged stablecoin would be launched on its blockchain network.
In addition to dirham-backed stablecoins, USD and EUR stablecoins have also gained attention in the country.
On February 24, the Dubai International Financial Centre (DIFC) recognized Circle's USDC and EURC as the first stablecoins under its cryptocurrency token regime.
Meanwhile, a spokesperson for Ripple previously told Cointelegraph that the company is working to understand the stablecoin requirements in the country. The spokesperson stated that they are closely monitoring relevant developments and that their RLUSD stablecoin is available in the UAE.
Related: Abu Dhabi Financial Free Zone signs memorandum of understanding with Chainlink for tokenization framework.
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