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India and UAE join forces to revolutionize cross-border transactions with CBDC

TL;DR Breakdown

India and the United Arab Emirates announced that they will conduct pilot programs exploring using central bank digital currencies (CBDCs).
A memorandum of understanding was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates in Abu Dhabi,

India and the United Arab Emirates announced that they will conduct pilot programs exploring using central bank digital currencies (CBDCs). A memorandum of understanding was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates in Abu Dhabi, focusing on interoperability between the two countries CBDCs. Additionally, they will jointly conduct proof-of-concept (PoC) and pilot programs to facilitate cross-border CBDC transactions for remittances and trade.

India is forging ahead with its plans to launch a digital currency by the end of 2021, having already tested the retail Central Bank Digital Currency (CBDC) in fifteen cities nationwide. Over 50,000 customers and 10,000 merchants have already used the new technology

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.