Project mBridge Enters MVP Phase and Welcomes New Member: Central Bank of Saudi Arabia
The mBridge cross-border central bank digital currency (CBDC) project has advanced to the minimum viable product (MVP) stage, the initial production phase. This initiative, a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand, and the UAE, recently welcomed the Central Bank of Saudi Arabia […]
From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA
A significant focus has been placed on the development of Central Bank Digital Currencies (CBDCs) within the Middle East and North Africa (MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the UAE Central Bank’s ongoing efforts to incorporate the digital Dirham, inviting commercial banks and payment processors to […]
UAE Central Bank Launches First Digital Dirham Transfer on mBridge Platform
The Central Bank of the United Arab Emirates (UAE) has successfully executed its inaugural cross-border transaction using the digital dirham. This transaction, amounting to 50 million dirhams (approximately $13.6 million), was facilitated through the mBridge central bank digital currency (CBDC) platform, transferring the funds to China. This significant financial move was reported by Gulf News […]
HKMA: Project mBridge set for minimum viable product by the middle of 2024
The Hong Kong Monetary Authority (HKMA) has unveiled that the mBridge project is expected to introduce a minimum viable product by the middle of 2024. If mBridge’s implementation is successful, it may pose a challenge to Swift’s leading payment system and could influence similar shifts in payment methods across different regions. Developed in partnership by […]
Abu Dhabi’s DTR Introduces Dirham-Backed Stablecoin
Distributed Technologies Research Limited (DTR), a decentralized finance (DeFi) startup headquartered in Abu Dhabi Global Market (ADGM), has unveiled a new stablecoin named DRAM, anchored to the UAE dirham. Akshay Naheta, founder and CEO of DTR, has expressed that the motivation behind creating a dirham-backed stablecoin is to carve out a space in the massive […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor
Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
CBDCs on the horizon: The current state of CBDC initiatives around the world
Source: Cointelegraph Central bank digital currencies (CBDCs) have long been a topic of contested discussion, having often been met with a predominantly negative response in the crypto community. However, despite the skepticism, CBDCs undeniably serve as a significant use case for blockchain technology. BDCs distributed through blockchain technology can provide cheaper, faster and possibly more […]
UAE Unveils CBDC Strategy, First Phase to Be Completed by Mid-2024
Source: Coindesk The United Arab Emirates expects to complete the first phase of its central bank digital currency strategy around mid-2024, its central bank announced on Thursday. This includes proof-of-concept work for a wholesale and retail CBDC. The Central Bank of UAE (CBUAE) also revealed an engagement with G42 Cloud, a cloud platform from the region, and New […]
Snapshot: Which countries have made the most progress on CBDCs so far in 2023
Source: Atlantic Council 2023 is already shaping up to be a major year in central bank digital currency (CBDC) exploration. As of March 1, sixty-five countries are in the advanced stage of development, and over twenty central banks have launched their pilots, including Brazil, Japan, and Russia. To dive deeper into these countries, follow our CBDC […]
