UAE Central Bank Launches First Digital Dirham Transfer on mBridge Platform

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

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

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

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, […]

CBDCs on the horizon: The current state of CBDC initiatives around the world

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

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

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 […]

India, UAE central banks collaborate on CBDCs with cross-border features

India, UAE central banks collaborate on CBDCs with cross-border features

Source: Coingeek The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) have announced that both entities will exchange ideas on the best ways to launch a central bank digital currency (CBDC). The plans were contained in a memorandum of understanding (MoU) signed by both parties that will see both banking regulators conduct joint proof-of-concept […]

UAE Central Bank launches programme to boost digital transformation in financial services

UAE Central Bank launches programme to boost digital transformation in financial services

Source: The National The UAE’s Central Bank has announced a new programme to accelerate digital transformation in the financial services sector, with initiatives spanning open finance and a new digital currency. The Financial Infrastructure Transformation Programme also includes a domestic card scheme, an instant payments platform, financial cloud and supervisory technology, the Central Bank said in […]

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