UAE conducts first digital dirham transfer worth approximately $13.6 million via mBridge CBDC platform

The Central Bank of the United Arab Emirates announced that it had conducted the first cross-border digital dirham transfer using the mBridge Central Bank Digital Currency (CBDC) platform on January 29. This cross-border CBDC transfer totaling AED 50 million (USD 13.6 million) was carried out using CBDC mBridge platform sent to China. It is reported that the CBDC mBridge project has completed the pilot in September 2022 and will be put into commercial use one year later in September 2023. Currently, the mBridge platform has joined a number of commercial banks from each participating member country to engage in infrastructure and Technical work.