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Post: Central Bank of the UAE Accelerates CBDC Deployment with R3 and G42 Cloud

Central Bank of the UAE Accelerates CBDC Deployment with R3 and G42 Cloud

Key Points:

  • The CBUAE is actively involved in CBDC research through Project mBridge and has included CBDC in its fintech transformation program.
  • The Central Bank of the UAE is gearing up to implement the first phase of a CBDC strategy for both retail and wholesale applications.
  • A recent signing event with R3 and G42 Cloud marks the beginning of this strategy, with R3 providing infrastructure for the digital dirham and G42 Cloud offering the necessary technology.
  • The initial phase involves launching Project mBridge, conducting a proof-of-concept for a bilateral CBDC bridge with India, and testing a domestic CBDC for wholesale and retail purposes.

CBUAE’s Strategic Planning:

The Central Bank of the UAE, actively participating in CBDC initiatives, is initiating the implementation of a phased CBDC strategy focusing on retail and wholesale applications.

R3 and G42 Cloud Partnership:

Through collaboration with R3 and G42 Cloud, the CBUAE is set to leverage technological infrastructure and industry expertise for the development and implementation of the digital dirham.

Phases of Implementation:

The strategy involves the gradual rollout of Project mBridge, a pilot program with India to establish a bilateral CBDC bridge, and the testing of a domestic CBDC for comprehensive use cases within the UAE.

Hot Take:

The CBUAE’s strategic approach to incorporating CBDC into its fintech transformation program showcases a proactive stance in adopting innovative financial technologies, positioning the UAE as a leading player in the global digital currency landscape.

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