Digital Dirham UAE CBDC

UAE Moves a Step Closer to Digital Dirham

CBDCNews
··1 min read

On January 29, the Central Bank of the United Arab Emirates (CBUAE) successfully executed its first cross-border digital dirham transfer through the mBridge central bank digital currency (CBDC) platform.

The transaction involved the transfer of 50 million dirhams to China via mBridge.

Project mBridge was launched in 2021 and is a collaborative effort between the CBUAE, Hong Kong’s Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Bank for International Settlements.

The UAE has been working on the digitization of its national currency for several years, having previously participated in “Project Aber” with the Saudi Central Bank in 2020. This collaboration “confirmed the possibility of using a digital currency issued by two central banks to settle cross-border payments”.

The creation of a digital dirham is part of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to create a “cashless society”. The CBUAE announced last year that its CBDC Strategy would consist of three main stages, including:

  • Soft launch of mBridge for real-value cross-border CBDC transactions to facilitate international trade settlement.
  • Proof-of-concept work for bilateral CBDC bridges with India, a key trading partner of the UAE.
  • Ongoing proof-of-concept work for domestic CBDC issuance, encompassing both wholesale and retail usage.

Additionally, last year the CBUAE announced that it had engaged G42 Cloud and R3 as the “infrastructure and technology providers” for its CBDC implementation.

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