The United Arab Emirates has taken a significant step forward in its digital currency initiative. The first transaction using the UAE’s central bank digital currency (CBDC) known as ‘Digital Dirham’ was successfully completed, marking the beginning of a major pilot phase. 20th June 2023, the Digital Dirham project has completed its first official transaction, utilizing the government payment platform mBridge, according to the Ministry of Finance and Dubai Finance. The UAE aims to integrate this CBDC across both public and private sector operations in the coming months. This pilot marks a milestone in the development of the Digital Dirham since the initial announcement in March, which outlined its planned rollout in Q4 2025.