Both retail and wholesale applications of CBDC are being considered.
Three parts will make up the first stage of the plan as per the UAE Central Bank.
First steps toward a central bank digital currency (CBDC) strategy are being developed by the Central Bank of the United Arab Emirates (CBUAE). Both retail and wholesale applications of CBDC are being considered.
On March 23, the CBUAE and R3 and G42 Cloud, a division of the UAE-based AI holding firm G42, held a signing ceremony to launch the new strategy. The digital dirham will be powered by R3’s infrastructure and G42 Cloud’s technologies.
Strategic Approach
Three parts will make up the first stage of the plan. Also, project mBridge is planned to be launched in a restricted, or soft, manner. The second undertaking will be a demonstration of a bilateral CBDC bridge with India, a major trade partner of the UAE. The third part is a demonstration of a home CBDC that may be used for both retail and wholesale purposes. The
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