R3’s Corda and G42 Cloud Selected as Technology Providers for UAE’s CBDC Implementation Strategy

• The Central Bank of the United Arab Emirates (CBUAE) has launched its Central Bank Digital Currency (CBDC) Implementation Strategy.
• R3 and G42 Cloud have been selected as the technology and infrastructure providers for the first phase of the strategy, which will take place over the next 12 to 15 months.
• The first phase includes initiating real-value cross-border CBDC transactions, proof-of-concept work for bilateral CBDC bridges with India, and proof-of-concept work for domestic CBDC issuance.
• Clifford Chance will provide legal oversight for the strategy.
• The implementation of the CBDC strategy aims to address the pain points of cross-border payments, enhance financial inclusion, and strengthen the UAE’s payment infrastructure.
• R3‘s Corda is specifically designed for institutions operating in highly regulated environments, making it an ideal foundational technology for central banks to issue and distribute CBDCs.
• R3 are also in talks with Nigeria to revamp its digital currency, the e-Naira, after slow uptake.

Learn more about R3 and Corda in our interview with Chief Technology Officer, Richard Brown: