The UAE Central Bank has announced the first transfer of its own digital currency
The Central Bank of the United Arab Emirates carried out the first transfer of digital dirhams, using the mBridge platform for this purpose.
The CBDC transfer in the amount of 50 million dirhams ($13.6 million) went to China. The head of the Board of the Central Bank of the UAE, Sheikh Mansour, clarified: the transfer of digital dirhams took place on the occasion of the celebration of the golden anniversary of the bank's creation.
The mBridge platform was created in 2021 by the monetary authorities of China, Hong Kong, Thailand and the UAE in partnership with the Bank for International Settlements (BIS). The full launch took place in 2023.
mBridge uses a direct access infrastructure for peer-to-peer transactions using the HotStuff+ consensus mechanism. The platform allows faster transfer of national digital currencies of all participating countries of the project.
Source: bits.media
