India's central bank (RBI) and the Central Bank of the United Arab Emirates collaborate to enhance cross-border central bank digital currency (CBDC) transactions of remittances and trade. crypto
India’s central bank, the Reserve Bank of India , and the Central Bank of the United Arab Emirates have agreed to collaborate on cross-border central bank digital currency transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,” India’s central bank explained.
“The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a Memorandum of Understanding today in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services,” the RBI described. “Under the MoU, the two central banks will collaborate on various emerging areas of fintech, especially central bank digital currencies and explore interoperability between the CBDCs of CBUAE and RBI,” India’s central bank continued, elaborating:
CBUAE and RBI will jointly conduct proof-of-concept and pilot of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.
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