CBDCs Coming To The Middle East
Posted By Peter Coyne | 2023-03-24 08:00:00
- The UAE said their primary goal is to streamline cross-border transactions and stimulate innovations in the payments industry.
The plan will include 3 major pillars that will rollout over the next 12-15 months.
- The first is a soft launch of an ongoing project between the central banks of Hong Kong, the Chinese mainland, the UAE, and Thailand.
- The second is proof-of-concept work for a bilateral CBDC bridge with India.
- The third is a proof-of-concept for a domestic and retail CBDC.