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UAE expects digital dirham rollout in Q4 2025

The United Arab Emirates expects its digital dirham central bank digital currency to roll out in the fourth quarter of 2025. 

According to a report in the Khaleej Times, Central Bank of the UAE Governor Khaled Mohamed Balama reportedly said that the blockchain-based currency could improve financial stability and help combat financial crime. According to the report, the retail sector could expect the issuance of a digital dirham in the last quarter of 2025. 

“It [digital dirham] will further enable the development of innovative digital products, services, and new business models while reducing cost and increasing access to international markets,” Balama reportedly said.

The report also stated that the digital dirham and its physical counterpart will be accepted as a payment method in all payment channels. 

The news comes as the digital dirham received a rebrand. The first letter of the dirham will be its international symbol, along with two horizontal lines representing the currency’s stability, inspired by the UAE flag. 

UAE expects digital dirham rollout in Q4 2025

The new symbol for UAE dirhams. Source: Khaleej Times

The road to digital dirhams in the UAE

In June 2024, the CBUAE approved a licensing framework for regulating stablecoins. In a meeting with the CBUAE board of directors in Abu Dhabi, UAE officials discussed the government’s financial infrastructure program and approved the framework. The new rules clarified the issuance, licensing and supervision of payment tokens backed by the UAE dirham. 

Following the framework’s approval, stablecoin issuer Tether announced its plans to launch a dirham-backed stablecoin with local partners Phoenix Group and Green Acorn Investments. The collaboration aims to establish a fully-backed digital representation of the UAE dirham currency. 

After the framework approval, other players joined the race to create a dirham-backed stablecoin. On Oct. 18, 2024, a company called AED Stablecoin received in-principle approval for issuing a regulated dirham-pegged stablecoin in the UAE.  

On Nov. 1, The Open Network (TON) announced that Tether’s dirham-pegged stablecoin will be launched on its blockchain network

Related: Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworks

Stablecoins in the UAE

Apart from dirham-backed stablecoins, US dollar and euro stablecoins have also gained traction in the country. 

On Feb. 24, the Dubai Financial Services Authority, the independent regulator for the Dubai International Financial Centre (DIFC), recognized Circle’s USDC and EURC as the first stablecoins under its crypto token regime. 

Meanwhile, a Ripple spokesperson previously told Cointelegraph that the company is working to understand the country’s stablecoin requirements. The spokesperson said they are monitoring the developments closely and that their RLUSD stablecoin is available in the UAE. 

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Bank of England pledges to keep pace with US on stablecoin regulations

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Bank of England pledges to keep pace with US on stablecoin regulations

Bank of England pledges to keep pace with US on stablecoin regulations

The UK’s top bank says it will roll out stablecoin rules “just as quickly as the US” amid concerns that it’s lagging behind global allies.

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Police chiefs warn of crime surge if Labour’s plans pass – as hunt for mistakenly released prisoners continues

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Police chiefs warn of crime surge if Labour's plans pass - as hunt for mistakenly released prisoners continues

Police are preparing for a surge in crime if the Labour government’s plans to overhaul prison sentences go ahead – with hundreds of thousands more offences expected in a year.

Measures proposed under the Sentencing Bill, intended to ease overcrowding in prisons, include limiting the use of short prison sentences and releasing some convicted criminals earlier.

However, police chiefs are warning such measures could see up to a 6% rise in crime in the immediate aftermath, should the plans become law.

It comes as a manhunt is under way for two prisoners mistakenly released from HMP Wandsworth, including Brahim Kaddour-Cherif, a 24-year-old Algerian man and registered sex offender, and 35-year-old William Smith.

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Manhunt underway: what do we know so far?

‘It has to be properly funded’

Assistant Chief Constable Jason Devonport, who spent 18 months on secondment as a prison governor at HMP Berwyn, said forces are planning for an increase in all types of offences.

While he said community programmes to support rehabilitation “are being ramped up,” he warned officers “expect, certainly in the short term, there will be an increase of offending in the community”.

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“I believe in the Sentencing Bill and I believe in rehabilitation,” he added, “but it has to be properly funded.”

ACC Devonport said the probation service is trying to recruit 1,500 officers a year for the next three years to manage demand, and that the rise in police-recorded crime in one year is expected to be between 4% and 6%.

In the year to June 2025, police in England and Wales recorded 6.6 million offences. A rise of 6% would then equal around 396,000 additional recorded crimes.

Gavin Stephens, chairman of the National Police Chiefs’ Council, added that officers have “all been in policing long enough to know that some of the things that help people stop offending or desist from offending are not going to be resolved by short sentences in particular”.

However, he added: “Our issue is in the short-term period of the implementation, there is a shift of demand on to policing, and we want that shift of demand on to us to be properly recognised and properly modelled… so we can have the right and appropriate resource in there to mitigate the risk to communities.”

Feeble and inept – prison release fiasco is yet another political crisis


John Craig

Jon Craig

Chief political correspondent

@joncraig

The charitable view of the latest prison release blunder that has plunged the government into another political crisis is that it’s extremely bad luck rather than an act of incompetence by ministers.

But the more we learn about the shocking details of what happened and what looks like a cynical attempt at a cover-up by the hapless David Lammy, the more the blame can be laid at the government’s door.

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Prison system at ‘breaking point,’ warns MP

In a further warning about the state of law and order in the UK, the chair of the Justice Committee has said the prison system is at “breaking point”.

Labour MP Andy Slaughter called the latest releases from HMP Wandsworth “extremely concerning,” adding: “While the day to day running of prison security and public safety are paramount, the current spate of releases in error will be repeated until the underlying failures are addressed.”

He also said evidence taken by the committee “laid bare a crisis-hit prison system, starved of investment over many years which is facing multi-faceted pressures”.

What do we know about the manhunt?

The south London prison admitted on Wednesday that Kaddour-Cherif, who sentenced for trespass with an intent to steal, was accidentally released on 29 October.

His release came just five days after the high-profile release of migrant sex offender Hadush Kebatu from HMP Chelmsford in Essex.

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Lammy refuses to say if more prisoners mistakenly released

Hours after Kaddour-Cherif’s accidental release was confirmed by the Met, Surrey Police announced it was also searching for Smith after another error by prison staff.

The 35-year-old, who was sentenced to 45 months for multiple fraud offences and goes by the name Billy, had apparently been released on Monday.

It is not yet clear why it was nearly a week between the first release at Wandsworth and the police being informed that an offender was at large.

Both mistakes follow vows by Deputy Prime Minister and Justice Secretary David Lammy that enhanced checks on prisoner releases would be introduced.

He came under fire while standing in for Sir Keir Starmer at PMQs, but sought to blame the Conservatives, saying: “In 25 years in this House, I have not witnessed a more shameful spectacle frankly than what the party opposite left in our justice system.”

Read more from Sky News:
Nearly 40,000 freed early to tackle prison overcrowding
How many prisoners are released by mistake?
Driver hits several people on holiday island

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Lammy has ‘egg on his face’, former prison governor says

In response to concerns of a spike in crime should the Sentencing Bill become law, a Ministry of Justice spokesperson said the government “inherited a prison system in crisis, days away from running out of space”.

“Public safety will always be our top priority, and we are building 14,000 more prison places to keep dangerous offenders locked up,” they added.

“Offenders released face strict licence conditions, and we are increasing the probation budget by an extra £700 million over the next three years and investing in new technology to reduce admin, so staff can focus on work that reduces reoffending.”

And in response to the manhunt for the two released convicts, a spokesperson said: “Releases in error have been increasing for several years and are another symptom of a justice system crisis inherited by this government.”

They added: “We are clear that these mistakes must not continue to happen.”

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Nvidia boss defends AI against claims of bubble by ‘Big Short’ investor

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Nvidia boss defends AI against claims of bubble by 'Big Short' investor

Nvidia boss Jensen Huang has told Sky News the AI sector is a “long, long way” from a Big Short-style collapse.

Speaking outside Downing Street following a roundtable with government and other industry figures, the head of the world’s first $5tn company defended his sector from criticism by investor Michael Burry.

Mr Burry and his firm, Scion Capital, gained notoriety for “shorting” – betting against – the US housing market ahead of the 2008 financial crash.

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He was portrayed by Christian Bale in the 2015 film The Big Short, which also starred Steve Carell, Brad Pitt and Ryan Gosling.

Earlier this week, filings revealed Mr Burry has now bet against Nvidia and on social media, he has suggested there is a bubble in the sector.

Some $500bn was wiped off technology stocks overnight Tuesday into Wednesday, Bloomberg reported.

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Speaking to Sky News, Mr Huang said: “I would say that we’re in the beginning of a very long build out of artificial intelligence.”

Christian Bale portrayed Michael Burry in the 2015 hit film. Pic: Reuters
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Christian Bale portrayed Michael Burry in the 2015 hit film. Pic: Reuters

Defending his company and investment, Mr Huang said AI is the first technology that requires “infrastructure to be built” and that Nvidia has seen “great returns” from AI, and that is why it is expanding.

Mr Huang said better training of AI has led to much “better” and “useful” answers, and that means “the AIs have become profitable”.

“When something is profitable, the suppliers want to make more of it, and that’s the reason the infrastructure build out is accelerating,” he added.

Pushed on whether he was worried about a situation like the Big Short, Mr Huang said: “We are long, long away from that.”

The UK government is betting big on AI in the hopes that it can save money by using it and generate growth by building the infrastructure to back it up.

Asked if she was worried about the market, Technology Secretary Liz Kendall told Sky News: “I have no doubts that AI is going to transfer all parts of our economy and our public services.”

Mr Burry and his firm, Scion Capital’s bets against Nvidia and other companies were revealed by regulatory filings earlier this week.

The investor also posted on social media for the first time in more than two years, warning of a bubble.

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Concerns have been raised about the market surrounding AI, and the growth many companies are experiencing.

Nvidia is the largest producer of the specialist computer chips that are used to train and use AI models.

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