Abu Dhabi in March.2The Central Bank of the United Arab Emirates (CBUAE) held a joint signing ceremony with G42 Cloud and R3 to celebrate the implementation of the UAE Central Bank’s Digital Currency (CBDC) Strategy, one of the nine central bank infrastructure financial transformation initiatives. program (FIT).
CBUAE has partnered with G42 Cloud and R3 as the infrastructure and technology providers respectively to implement CBDCs, WAM reports.
After many successful initiatives of the Saudi Central Bank, including the “Aber” project with the Central Bank of Saudi Arabia in 2020, which confirmed the possibility of using a digital currency issued by two central banks to settle cross-border payments and was awarded the Global Impact Award from Central Banking Magazine, in addition To the first real value cross-border CBDC trial under the “mBridge” project with the Monetary Authority of Hong Kong, the Bank of Thailand, the People’s Bank of China Digital Currency Institute and the Bank for International Settlements in 2022, CBUAE is now ready to enter the next major phase of its CBDC journey and implement Its CBDC strategy.
The first phase of the UAE Central Bank Central Bank Strategy, which is expected to be completed within the next 12 to 15 months; It consists of three main pillars, the soft launch of mBridge to facilitate real value cross-border CBDC transactions to settle international trade, a proof-of-concept for bilateral CBDC bridges with India, one of the largest trading partners of the UAE, and finally, a proof-of-concept for a domestic CBDC issuance covering Wholesale and retail use.
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