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Rehan Ahmed Usmani MBA-FI, FCPA, FCMA, ACCA
Rehan Ahmed Usmani MBA-FI, FCPA, FCMA, ACCA
Finance Specialist | Fintech Solutions | Financial Reporting | Forecasting | Budgeting | Variance Analysis | IFRS |VAT | Corporate Tax | Group Accounting | Financial Analyst | Audit | MENA |FCPA, FCMA, ACCA, CSCP 🚀
Published Jan 31, 2024
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The United Arab Emirates (UAE) has achieved a groundbreaking milestone in the world of digital currency by completing its first cross-border payment using the Digital Dirham. This historic transaction, amounting to AED50 million ($13.6 million), represents a significant step forward in the UAE's commitment to embracing innovative financial technologies.
The transaction was initiated by Sheikh Mansour bin Zayed Al Nahyan, the chairman of the board of the Central Bank of the UAE, highlighting the support and endorsem*nt from the highest echelons of the country's financial leadership.
The Digital Dirham, a central bank digital currency (CBDC), is a state-of-the-art digital currency that operates on blockchain technology. This marks a departure from traditional banking systems, providing increased efficiency, transparency, and security in financial transactions.
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Key Features of the Digital Dirham:
As the world continues to witness the evolution of digital currencies, the UAE's achievement with the Digital Dirham serves as a beacon of progress. This historic cross-border payment not only reflects the country's commitment to financial innovation but also highlights the transformative impact of digital currencies on traditional banking systems. The Digital Dirham is poised to play a pivotal role in shaping the future of finance in the UAE and beyond.
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