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The UAE Partners With G42 Cloud and R3 to Launch a National CBDC Strategy

The Central Bank of the UAE (CBUAE) has commenced the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy. The bank launched the program with G42 Cloud and R3 last Saturday. It is one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Program. In a recent press release, the CBUAE noted that the official launching of the CBDC enables it to embark on the various phases of the project’s development strategy. During the same period, the bank intends to achieve proof-of-concept work for bilateral CBDC bridges with India, one of the UAE’s top trading partners. It would also enable proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

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