CBDCs Coming To The Middle East

  • 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.

Read the full article here.