On Tuesday, the UAE achieved a significant breakthrough with the execution of its first government transaction using the Digital Dirham. This digital currency, issued by the UAE Central Bank, marks the beginning of a new digital finance era in the nation.
This achievement underscores the UAE’s leadership in the FinTech future. The transaction was swiftly completed through the mBridge government payment platform in less than two minutes.
This milestone is part of the Digital Dirham project’s pilot phase, launched by the UAE Central Bank under the Financial Infrastructure Transformation (FIT) Programme, in partnership with local financial authorities. The initiative aims to promote digital payments and solidify the UAE’s role as a global financial innovation hub.
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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, declared in a post on X, “Today marks a significant milestone in the UAE’s government financial transformation history. The Ministry of Finance & Dubai Finance completed the first government transaction with the Digital Dirham, representing the future of digital currency in both public and private sectors.”
“Utilizing the Digital Dirham in government transactions demonstrates the Ministry of Finance’s dedication to accelerating digital transformation in public finance management, enhancing transparency and efficiency in government financial systems. This strategic move strengthens the national financial ecosystem’s integration and aligns with the UAE leadership’s vision of fostering an advanced, innovative, and reliable digital national economy,” he added.
Digital Dirham transactions aim to boost operational efficiency and speed up financial settlements among government entities.
