UAE central bank introduces wholesale, retail digital dirham strategy

The CBUAE has been active in CBDC research as a member of Project mBridge and has placed CBDC in its overarching fintech transformation program.

The Central Bank of the United Arab Emirates is preparing to implement the first phase of a central bank digital currency strategy. It is looking at CBDC for both retail and wholesale use.off the new strategy with a signing event on March 23 with R3 and G42 Cloud, part of the emirates-based AI holding company G42. R3 will provide the infrastructure for the digital dirham and G42 Cloud will provide the technology.

The first phase of the strategy will have three components. It envisions the soft, or limited, launch of Project mBridge. Second will be a proof-of -concept for a bilateral CBDC bridge with India, one of the UAE’s top trading partners. Third will be a proof-of-concept of a domestic CBDC for both wholesale and retail use. According to a statement from the CBUAE:

“CBDC will help address the pain points of domestic and cross-border payments, enhance financial inclusion and the move towards a cashless society.”in Project mBridge, which is described as “first real-value cross-border CBDC pilot.

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