The unveiling of an instrument that may symbolize a step toward updating the country’s financial identity is the celebration of the unveiling of the new symbol for the Dirham, introduced in the UAE. On Thursday, the Central Bank of the UAE (CBUAE) announced the new symbol, which will be circulated practically with the Dirham in cash and digital formats.
Inspiration is from the UAE flag and the national identity. The two horizontal lines symbolize stability for the Dirham. Elements of the design subtly symbolize the unity of the UAE and its strength.
In the digital version, the symbol lies within a circular frame, symbolizing security and continuity. The circular shape identifies it with that of a digital token, furthering the identity of the UAE as a country with a keen interest in finance in the future. Elements from the national flag find a place in the design: green, white, red, and black.
The distinguishing feature of the symbol is its resemblance to the letter ‘D’ for Dirham. The sharp curves and refined elegance draw inspiration from traditional Arabic calligraphy, thus conferring a sense of sophistication and power.
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The Digital Dirham Journey
This initiative is part of the larger UAE vision to help enhance the Dirham internationally. Recently, it is noteworthy that the UAE became the first Arab country to join the FX Global Code, as a step further proving its commitment to transparency and stability in the financial sphere.
Thus, keeping on its trajectory, the Central Bank plans to roll out the digital Dirham in the next two years. Based on blockchain technology, this ‘Digital Dirham’ promises faster and safer transactions at reduced costs for both individual customers and businesses.
These new currency symbols and the planned rollout of a digital counterpart make a bold statement about the UAE’s potential as a chief player in global finance.
