The Central Bank of the UAE has launched the Digital Dirham, an innovative digital currency set to transform how payments are made across Dubai and the entire country. This new currency offers a secure, convenient, and modern alternative to physical cash, enabling both individuals and businesses to make digital payments effortlessly. It even allows for sending pocket money online, streamlining and accelerating financial transactions.
To support the Digital Dirham, the Central Bank has developed a robust platform that facilitates multiple functionalities including:
- Issuing the digital currency
- Trading the currency
- Using the currency through a digital wallet
The digital wallet will serve as a seamless tool for users to carry out various financial transactions, promoting smooth and efficient monetary activities.
This initiative fits perfectly within Dubai’s broader vision of embracing advanced technology to provide residents with modern and efficient financial services. It is expected to boost economic transactions and further the UAE’s goal of achieving a cashless society.
Experts highlight that the Digital Dirham will also play a vital role in:
- Enhancing financial inclusion for all segments of society
- Increasing the security of transactions
- Reducing risks such as fraud and errors common in traditional payment methods
Stay tuned to Questiqa World News for the latest updates on this exciting development.
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