Digital dirham approaching. The race Central Bank digital currencies (MNBC) continues in the world, and according to the governor of the Central Bank of the United Arab Emirates, Khaled Mohamed Balama, the digital dirham may well see the light of day at the end of 2025. An initiative that is part of a wider strategy of modernization and digitization of the Emirati economy.
The key points of this article:The United Arab Emirates announced that the digital dirham could be launched by the end of 2025, as part of a strategy for digitizing their economy.
The central bank of the United Arab Emirates has also approved a regulatory framework for Stablecoins, aimed at supervising their emission and supervision.
Digital dirham, an MNBC to energize the economy
During the Central Bank financial forum United Arab EmiratesKhaled Mohamed Balama announced that the digital dirham could be launched during the Fourth quarter of 2025. This digital currency, built on a blockchain, aims to improve financial stability and to fight against financial crime:
« Il [le dirham numérique] will make it possible to develop innovative digital products, services and new commercial models while reducing costs and increasing access to international markets. »»
The digital dirham will be accepted in all payment channels, alongside its physical version. This initiative is part of the government's financial infrastructure program, which also includes the implementation of a system of payment instantaneous and a platform of tokenisation financial assets.
The United Arab Emirates announce the implementation of their MNBC for the end of 2025
The United Arab Emirates in the forefront on the stablecoins
In addition to the digital dirham, the United Arab Emirates have also approved a regulatory framework For stablecoins, these cryptocurrencies whose value is indexed to that of a fiduciary currency. In June 2024, the Central Bank of the United Arab Emirates approved a legal framework for their regulation by clarifying the rules for the issue, license and supervision of these payment tokens. In the process, several major players in cryptocurrency announced their intention to launch stablecoins in dirham. TETHER, in collaboration with Phoenix Group and Green Acorn Investments, plans to create a stablecoin also indexed to the dirham of the United Arab Emirates. For its part, the company AED Stablecoin has received an approval in principle to issue a regulated stablecoin of the same kind. THE United Arab Emirates are not the only ones to be interested in MNBC. In the rest of the world, many countries also explore this path. For example, the Chine has already launched its digital yuan, while theEuropean Union Actively works on a digital euro. Finally, to UNITED STATESthe federal reserve also studies the possibility of a digital dollar, but the new president does not support this project. MNBC, however, arouse debates. If they promise more efficiency of payments and better financial inclusion, they also raise questions on privacy and state control on the economy. Anyway, the United Arab Emirates seem determined to advance on the path digitization of their national currency.