• UAE Ministry of Finance and Dubai Department of Finance execute first CBDC payment.
• Transaction completed in under two minutes without intermediaries involved.
• The move follows the January 2024 cross-border pilot that transferred Dh50 million to China.

The United Arab Emirates has executed its inaugural government financial operation utilizing the Digital Dirham central bank digital currency. The Dubai Department of Finance and Ministry of Finance conducted the payment alongside the Central Bank of the UAE.

Authorities called the operation advancing the integration of CBDC technology into national fiscal operations. The payment forms part of pilot activities for the Digital Dirham initiative, operating under the CBUAE’s Financial Infrastructure Transformation Programme.

Read The Full Article UAE Executes First Government Payment Using Digital Dirham via mBridge Platform On Coin Edition.

• UAE Ministry of Finance and Dubai Department of Finance execute first CBDC payment.
• Transaction completed in under two minutes without intermediaries involved.
• The move follows the January 2024 cross-border pilot that transferred Dh50 million to China.

The United Arab Emirates has executed its inaugural government financial operation utilizing the Digital Dirham central bank digital currency. The Dubai Department of Finance and Ministry of Finance conducted the payment alongside the Central Bank of the UAE.

Authorities called the operation advancing the integration of CBDC technology into national fiscal operations. The payment forms part of pilot activities for the Digital Dirham initiative, operating under the CBUAE’s Financial Infrastructure Transformation Programme.

Read The Full Article UAE Executes First Government Payment Using Digital Dirham via mBridge Platform On Coin Edition.