The UAE completed the first transaction of its “Digital Dirham” CBDC through the mBridge platform.
The United Arab Emirates' central bank digital currency pilot has made its first transaction, reportedly completed in under two minutes.The United Arab Emirates has made the first transaction with its central bank digital currency in the first major update to the project since it was announced in March.
The agencies said the transaction was a first for the UAE government and was a “step towards broader adoption of the national digital currency across both government and private sector operations.” It’s the first major update on the CBDC since the UAE’s central bank said in March that it expected the digital currency would Dubai Finance’s executive director of central accounts, Ahmed Ali Meftah, said the transaction was conducted to “test operational readiness and ensure seamless technical integration with the Central Bank’s systems.” “The transaction was completed in less than two minutes, underscoring its goal of enhancing operational efficiency and expediting financial settlements between federal and local government entities.”in July, the UAE Central Bank said the CBDC is an attempt to future-proof central bank money for the digital era, and in response to the evolving needs of a digital economy.It also indicated that the rollout would be in phases, with the CBDCs features at launch limited to payments only, to avoid competing with savings and other interest-earning financial products.and undermine the financial sector by allowing users to be direct customers of central banks, while advocates argue that CBDCs could improve payment efficiency and expand financial inclusion.Its CBDC tracker lists Nigeria, the Bahamas and Jamaica as the only three jurisdictions with an active CBDC token, while another 49 countries are in the pilot phase.Bitcoin price fills CME gap, but ‘$240M market dump’ stops a $104K rebound
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