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UAE Succeeds in First Cross-Border Payment Using Digital Dirham

Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of the Central Bank of the UAE, made an unprecedented cross-border payment on Monday, marking a major improvement in the UAE’s financial landscape. The transaction, valued at Dh50 million, was executed directly with China using the UAE Central Bank’s digital currency, known as the ‘Digital Dirham.’ This historic payment was facilitated through the mBridge, a platform that leverages central bank digital currencies (CBDC) for international fund transfers among participating banks, utilizing distributed ledger technology, commonly referred to as blockchain.

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