UAE makes first digital dirham transfer via mBridge CBDC platform

The mBridge platform is a multinational collaborative effort using CBDCs for cross-border transactions.

Update : This article has been updated to mention that mBridge is still in pilot phase and not commercially launched.

The central bank of the United Arab Emirates (UAE) conducted its first cross-border digital dirham transfer using the mBridge central bank digital currency (CBDC) platform on Jan. 29.

The 50 million dirhams ($13.6 million) cross-border CBDC transfer was sent to China using the multi-CBDC mBridge platform, according to Gulf News. The chairman of the board of the Central Bank of the UAE, Sheikh Mansour, conducted the CBDC transfer on the occasion of the golden jubilee celebration of the establishment of the central bank.

Read more

Source: https://cointelegraph.com/news/uae-digital-dirham-transfer-mbridge-cbdc