The UAE Partners With G42 Cloud and R3 to Launch a National CBDC Strategy
- The CBUAE has commenced the implementation of a CBDC Strategy.
- The bank launched the program with G42 Cloud and R3 last Saturday.
- CBUAE’s newly launched CBDC is part of its Financial Infrastructure Transformation (FIT) Program.
The Central Bank of the UAE (CBUAE) has commenced the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy. The bank launched the program with G42 Cloud and R3 last Saturday. It is one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Program.
In a recent press release, the CBUAE noted that the official launching of the CBDC enables it to embark on the various phases of the project’s development strategy. According to the bank, over the next 12 to 15 months, it will achieve the soft launch of mBridge to facilitate real value cross-border CBDC transactions for international trade settlement.
During the same period, the bank intends to achieve proof-of-concept work for bilateral CBDC bridges with India, one of the UAE’s top trading partners. It would also enable proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.
The post The UAE Partners With G42 Cloud and R3 to Launch a National CBDC Strategy appeared first on Coin Edition.
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The UAE Partners With G42 Cloud and R3 to Launch a National CBDC Strategy
- The CBUAE has commenced the implementation of a CBDC Strategy.
- The bank launched the program with G42 Cloud and R3 last Saturday.
- CBUAE’s newly launched CBDC is part of its Financial Infrastructure Transformation (FIT) Program.
The Central Bank of the UAE (CBUAE) has commenced the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy. The bank launched the program with G42 Cloud and R3 last Saturday. It is one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Program.
In a recent press release, the CBUAE noted that the official launching of the CBDC enables it to embark on the various phases of the project’s development strategy. According to the bank, over the next 12 to 15 months, it will achieve the soft launch of mBridge to facilitate real value cross-border CBDC transactions for international trade settlement.
During the same period, the bank intends to achieve proof-of-concept work for bilateral CBDC bridges with India, one of the UAE’s top trading partners. It would also enable proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.
The post The UAE Partners With G42 Cloud and R3 to Launch a National CBDC Strategy appeared first on Coin Edition.
Read More