The UAE Central Bank 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.

CBDC transfer worth 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 creation of the bank.

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). Full launch took place in 2023.

mBridge leverages direct access infrastructure to enable peer-to-peer transactions using the HotStuff+ consensus mechanism. The platform allows you to quickly transfer national digital currencies of all countries participating in the project.

Meanwhile, the head of the Central Bank of Russia, Elvira Nabiullina, said that her agency is negotiating with regulators of friendly countries to use digital rubles for cross-border payments.