The UAE conducts its first digital dirham transfer through the mBridge CBDC platform

ChainCatcher news, the Central Bank of the United Arab Emirates (UAE) conducted its first cross-border digital dirham transfer using the mBridge Central Bank Digital Currency (CBDC) platform on January 29. According to Gulf News, this cross-border CBDC transfer of 50 million dirhams (approximately 13.6 million USD) was sent to China using the multi-CBDC mBridge platform.

It is reported that the mBridge project was launched in 2021 in collaboration with the central monetary authorities of China, Hong Kong, Thailand, and the UAE, along with the Bank for International Settlements (BIS). This is the only international partnership involving China. The project completed its pilot phase in September 2022 and was commercially launched a year later in September 2023.

The mBridge platform has already onboarded multiple commercial banks from each participating member country to engage in infrastructure and technology work.