{"id":92784,"date":"2024-06-06T00:00:00","date_gmt":"2024-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/pilot-central-bank-digital-currency-platform-reaches-mvp-stage\/"},"modified":"2024-06-06T00:00:00","modified_gmt":"2024-06-06T00:00:00","slug":"pilot-central-bank-digital-currency-platform-reaches-mvp-stage","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/pilot-central-bank-digital-currency-platform-reaches-mvp-stage\/","title":{"rendered":"Pilot central bank digital currency platform reaches MVP stage"},"content":{"rendered":"

Central banks including the Central Bank of the UAE unveiled the initial <\/strong>operational prototype of a multi-central bank digital currency (CBDC) platform <\/strong>for early use, a press release (pdf)<\/a> reads. The Bank of International Settlements-led trial \u2014 a collaboration between the UAE, Hong Kong, China, and Thailand \u2014 is developing a platform that can facilitate cross-border digital currency transactions using the code China's e-CNY is built on.<\/p>\n

The platform is also now compatible with the Ethereum Virtual Machine<\/strong>, which forms the backbone of the network on which the Ether cryptocurrency operates. <\/p>\n

The minimum viable product (MVP) stage is the first phase of the CBUAE\u2019s broader CBDC strategy, <\/strong>with the second phase poised to introduce domestic CBDC payments and boost cross-border fund transfers. The platform comes as part of the CBUAE's financial infrastructure transformation program (pdf)<\/a>, which aims to accelerate the digitization of the financial services sector. <\/p>\n

Remember: <\/strong>Vice President Sheikh Mansour bin Zayed Al Nahyan marked the CBUAE\u2019s fiftieth anniversary by initiating the first cross-border transaction using its digital currency, the Digital AED, earlier this year<\/a>. The transfer saw AED 50 mn sent to China through mBridge.<\/p>\n

AND- Saudi Arabia has joined the trial<\/strong>, the Bank of International Settlements said in a statement<\/a>. The Kingdom\u2019s participation as the world\u2019s largest oil exporter means we could start seeing significantly more commodity settlement in currencies beyond the USD, Josh Lipsky, who runs a global CBDC tracker, said<\/a>.<\/p>\n

Both Saudi Arabia and the UAE have already been working on boosting trade transactions in local currencies<\/strong>, with Saudi signing<\/a> a currency swap agreement with China in December. The UAE has also begun to accept<\/a> INR payments for oil as of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The mBridge MVP is the first phase of the CBUAE\u2019s broader CBDC strategy<\/p>\n","protected":false},"author":1,"featured_media":92785,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1618],"tags":[159,157,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-the-uae","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"393a51fe-7887-4f0d-bcb6-a5c2e0075459","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2590.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Pilot central bank digital currency platform reaches MVP stage","related_issue":[92774],"teaser":"The mBridge MVP is the first phase of the CBUAE\u2019s broader CBDC strategy","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.925e9d4e-ed40-4f4f-b06c-5ec9e79d8cbd.mp3"},"yoast_head":"\nPilot central bank digital currency platform reaches MVP stage - 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