A new symbol for the United Arab Emirates (Water) has been revealed by the Central Water Bank (CBUAE), in order to strengthen its position as a leading global financial hub.
The new symbol of Dirham represents the stability of the Emirati currency and also pays tribute to the national water flag.
The symbol of the digital dirham was also revealed by the CBUAE, according to The National.
“The letter was chosen, derived from the English name of the dirham, to serve as an international symbol representing the currency of the nation, incorporating two horizontal lines which embody the stability of the United Arab Emirates and inspired by the water flag, to improve financial and monetary stability”, read a CBUAE declaration on Thursday.
“The Dirham digital symbol presents a circle surrounding the symbol of physical currency, using the colors of the water flag to reflect pride and national identity.”
The emission of Digital Dirham should take place during the last quarter of the year for the retail sector.
Globally, central banks are enclosed on the development of their digital currencies as the popularity of cryptocurrencies, as a class of assets among retail and institutional investors, increase.
“We are proud to reveal today the new symbol of the national currency of the United Arab Emirates The” dirham “in its physical and digital forms, and the design of the Dirham digital portfolio,” said Khaled Mohamed Balama, Governor of the CBUAE.
“This reflects the significant progress of the implementation of the Dirham digital program and a jump towards the realization of the vision of the CBUAE,” he added.
Digital Dirham, for individuals and businesses, will be available on approved financial institutions, such as banks, exchange houses, financial companies and fintech companies.