The Emirates Central Bank discussed the launch of the digital dirham project in the Emirates, in addition to strengthening the electronic payment structure with Jeon, providing instant payment solutions easily through the Annie platform, and discussing the open financing system.
Announce Central Bank of the United Arab Emirates About adopting a project Digital Dirham“, in a step aimed at supporting the digital economy and the local payment card system.
The Board of Directors of the Central Bank of the United Arab Emirates approved the issuance of a licensing and supervision system for…Virtual currencies stable, and some policies aimed at supporting the banking and insurance sectors and services related to the financial infrastructure.
This came during its meeting held today under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Head of the Presidential Court and Chairman of the Board of Directors of the Central Bank of the United Arab Emirates, at Qasr Al Watan in Abu Dhabi.
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During the meeting, the Council also reviewed the Central Bank’s plans to enhance Emiratisation and support national cadres in the financial sector. The Council discussed the results achieved by the “Ithra” program to localize the financial sector, noting the importance of enhancing citizens’ participation in this vital field.
The meeting agenda included discussing and following up on the implementation of current projects and future plans, and reviewing the progress achieved in the projects of the Financial Infrastructure Transformation Program. This program aims to stimulate innovation and digitization of the financial sector and support the realization of the digital economy for the UAE.
Among the notable projects reviewed were:
- The Central Bank’s digital currency project (Digital Dirham) : aims to provide a safe and effective digital payment method.
- The local payment card system, “Gion” : aims to strengthen the electronic payment infrastructure in the country.
- “Annie” instant payment platform : seeks to provide instant and easy-to-use payment solutions.
- Open financing system : aims to improve the transparency and efficiency of financing operations.
The Council reviewed the developments in the implementation of memorandums of understanding with the central banks that entered into partnerships with the Central Bank of the Emirates.
These partnerships aim to connect the financial infrastructure between countries and explore the possibility of inter-use of digital currencies, which contributes to accelerating the completion and settlement of financial transactions, reducing the cost to the participating parties, and increasing reliance on the local currencies of the two countries.
