UAE Central Bank ends CBDC pilot program

UAE Central Bank ends CBDC pilot program

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Answer UAE Central Bank ends CBDC pilot program

The Central Bank of the United Arab Emirates (UAE) said on Wednesday that it has completed the first and largest transaction between financial institutions on a trial basis using Central Bank Digital Currencies (CBDC).

The UAE central bank said it conducted the pilot project for a period of six weeks by partnering with other regulators, including the Hong Kong Monetary Authority, the Bank of Thailand, the People’s Bank of China’s Institute of Digital Currency, and the Bank for International Settlements.

The UAE Central Bank said that the beta testing was conducted on “Project mBridge”, which is a blockchain technology platform specially developed by the above-mentioned five regulators (i.e. CBUAE, Hong Kong Monetary Authority, Bank of Thailand, and the People’s Bank of China’s Digital Currency Institute). and the Bank for International Settlements).

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During the pilot, 20 commercial banks in the four jurisdictions used the mBridge platform to settle different types of payments for corporate clients, with a focus on cross-border trade.

The report said commercial banks made more than 160 cross-border payments and foreign currency deals totaling more than 80 million dirhams ($21.78 million) over six weeks.

This development represents the first experimental use of inter-enterprise central bank digital currencies in the MENA region under the mBridge project, according to the announcement.

Khaled Mohamed Balama, Governor of the Central Bank, commented, saying:

The mBridge application reflects the leadership vision of the UAE to be one of the leading developers and issuers of central bank currencies, the preferred regional center for advanced financial infrastructure, as well as for the UAE Central Bank to be among the largest central banks in the world.

The test comes as US officials express doubts about the country’s willingness to develop its own digital currency.

According to the latest statistics, 109 countries are taking initiatives to create a central bank digital currency hub.

11 countries have launched a CBDC.

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While there are 14 countries in the beta phase with their central bank currencies preparing for launch, one of these countries is the United Arab Emirates.

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