The transfer, valued at 50 million dirhams ($13.6 million), was made to China, marking a significant milestone for the UAE’s central bank. Sheikh Mansour, the head of the board of the Central Bank of the UAE, explained that the transfer of digital dirhams coincided with the bank’s celebration of its golden anniversary.
Developed in collaboration with China, Hong Kong, Thailand, and the Bank for International Settlements (BIS), the mBridge platform was launched in 2023, following its creation in 2021. This cutting-edge platform utilizes direct access infrastructure and leverages the HotStuff+ consensus mechanism to facilitate peer-to-peer transactions. It enables swift transfers of national digital currencies among all participating countries.
Meanwhile, Russia’s Central Bank Governor, Elvira Nabiullina, revealed that her agency is in talks with regulators of friendly nations to adopt digital rubles for cross-border payments, highlighting the global trend towards digital currencies in international transactions.