UAE central bank moves forward with CBDC implementation UnitedArabEmirates centralbankdigitalcurrency CBDC
- The Central Bank of the United Arab Emirates announced that it has officially implemented its central bank digital currency strategy, which will ultimately lead to the creation of a digital dirham for domestic and cross-border payments.
The CBUAE previously trialed several CBDC initiatives, including Project Aber, which was conducted in conjunction with the Saudi Central Bank in 2020 and “confirmed the possibility of using a digital currency issued by two central banks to settle cross borders payments.” The first phase, which will take place over the next 12 to 15 months, has three goals: The soft launch of “mBridge,” which facilitates CBDC transactions for international trade, proof-of-concept work for bilateral CBDC bridges with India, one of the UAE’s top trading partners, and domestic CBDC issuance for wholesale and retail use.
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