UAE Central Bank Conducts First-Ever Cross-Border Payment Using Digital Dirham

According to CryptoPotato, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, conducted the first-ever cross-border payment using the UAE Central Bank's digital currency, the 'Digital Dirham,' on January 29. The transaction, amounting to Dh50 million, was executed through the innovative 'mBridge' platform, connecting the UAE directly with China. The historic cross-border transfer to China took place while Sheikh Mansour attended the celebration of the 'Golden Jubilee' of the establishment of the Central Bank and the graduation of 1,056 Emiratis from the inaugural batch of the 'Ethraa Emiratisation' program, held at the Abu Dhabi National Exhibition Centre. During the transaction, Sheikh Mansour emphasized the strategic commitment of the UAE's leadership to solidify the nation's position as a global financial hub. He spoke of the pivotal role of the Central Bank in fostering financial and monetary stability, optimizing efficiency and flexibility in the financial system, and propelling economic growth to advance the country's development efforts. The event also involved the 'Innovative Projects' Pavilion, where the Central Bank's subsidiaries showcased their initiatives. Here, the Sheikh witnessed the launch of Al Etihad Payments company and the first successful financial transaction using the local payment card system, which includes distinctive specifications. Sheikh Mansour also received briefings on the services offered by the Aani instant payment platform, launched by Al Etihad Payments in October 2023, and the supervisory technology project 'Suptech.' These initiatives reflect the UAE's commitment to staying at the forefront of financial technology and innovation.