UAE Central Bank Completes First CBDC Payment Transaction
Source: CBUAE The Central Bank of the United Arab Emirates (CBUAE) has announced it has finalized mBridge, the world's largest pilot of central bank digital currency (CBDC) transactions in cooperation with the Digital Currency Institute of the People's Bank of China, its Chinese counterpart. Other partners included the Hong Kong Monetary Authority, the Bank of Thailand, and the Bank for International Settlements, the institution said in a statement. "This project – the first pilot use of wholesale CBDCs in the MENA region – reflects the CBUAE’s drive to create world-class financial infrastructure and innovative payment systems, which comes in line with UAE leadership’s directives to support the UAE’s economic competitiveness and empower the diversity and growth of the nation’s financial sector ," the CBUAE said. Over the course of the “pilot project, commercial banks in the four jurisdictions used the mBridge platform ...
