The United Arab Emirates (UAE) has achieved a historic milestone in the realm of digital currency by successfully executing its inaugural cross-border payment using the Digital Dirham. This groundbreaking transaction, valued at AED 50 million ($13.6 million), signifies a significant stride in the UAE's dedication to embracing cutting-edge financial technologies.

Sheikh Mansour bin Zayed Al Nahyan, the Chairman of the Board of the Central Bank of The UAE, took the lead in initiating this historic transaction, showcasing the unequivocal support and endorsement from the highest levels of the country's financial leadership.

The Digital Dirham, functioning as a central bank digital currency (CBDC), represents a state-of-the-art digital currency leveraging blockchain technology. This departure from traditional banking systems promises heightened efficiency, transparency, and security in financial transactions, reflecting the UAE's commitment to innovative and progressive financial solutions.