UAE Central Bank Breaks New Ground with Digital Dirham Transfer to China The Central Bank of the United Arab Emirates (UAE) has just made history! On January 29, using the cutting-edge mBridge CBDC platform, it successfully completed its
first-ever cross-border digital dirham transfer.
Sheikh Mansour, Chairman of the Board, personally oversaw the
50 million digital dirham transaction – a whopping $13.6 million – sent all the way to China. This milestone couldn't have come at a better time, as it coincides with the central bank's golden jubilee.
mBridge, the driving force behind this groundbreaking feat, is more than just a platform. It's a symbol of progress and innovation, showcasing the CBUAE's unwavering commitment to
financial stability,
economic growth, and embracing the
digital revolution in banking.
Powered by the state-of-the-art
HotStuff+ consensus mechanism, mBridge offers a seamless experience for real-time, peer-to-peer transactions. With participation from multiple commercial banks in each country involved,
this single-platform infrastructure paves the way for swifter transfers of national digital currencies.
