UAE Central Bank and RBI sign MoU to facilitate cross-border CBDC transactions
In order to strengthen cooperation and jointly foster innovation in financial goods and services, the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates( CBUAE) inked an MoU for innovation in financial products in Abu Dhabi. In accordance with the Agreement, the two central banks will work together on a number of cutting-edge fintech projects, particularly those involving central bank digital currencies (CBDCs), and investigate the interoperability of the CBDCs of CBUAE and RBI. According to a statement from the RBI, CBUAE and RBI will work together to perform the proof-of-concept (PoC) and pilots of a bilateral CBDC bridge to make cross-border CBDC commerce and remittance operations easier. The RBI stated on Wednesday that this bilateral testing of CBDCs' cross-border use case was expected to lower costs, improve the effectiveness of cross-border transactions, and strengthen ties between India and the UAE on the economic front. Moreover, technical cooper...