India, UAE To Collaborate On CBDC Development
According to an announcement made on Wednesday, India and the United Arab Emirates (UAE) will collaborate on central bank digital currencies (CBDCs) by conducting joint pilot(s).
In Abu Dhabi, the Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) signed a Memorandum of Understanding (MoU). The central banks will investigate interoperability between the two countries’ CBDCs.
The banks will also “conduct joint proof-of-concept (PoC) and pilot of bilateral CBDC bridge to facilitate cross-border CBDC remittances and trade,” according to the announcement.
India has been running a retail CBDC pilot that has recently been expanded to 15 cities, over 50,000 customers, and 10,000 merchants, with the goal of launching a full-scale CBDC by the end of 2023.
(With inputs from Shikha Singh)
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