India-UAE sign MoU on digital currencies, will collaborate on developing CBDCs
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Indian central bank, the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) on Thursday signed a Memorandum of Understanding (MoU) that aims to enhance cooperation and jointly enable innovation in financial products and services. Under this, the India and UAE central banks will jointly conduct pilot programmes on central bank digital currencies or CBDCs.
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As per the press release published on the RBI website, "the two central banks will collaborate on various emerging areasof FinTech, especially Central Bank Digital Currencies (CBDCs) and exploreinteroperability between the CBDCs of CBUAE and RBI."
CBUAE and RBI will jointly conduct proof-of-concept (PoC) and the pilot projects of the digital currencies "to facilitate crossborder CBDC transactions of remittances and trade."
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As per the statement, this "bilateral CBDC bridge" is expected to aid in the reduction of costs. Further, it will help "increase the efficiency of cross-bordertransactions and further the economic ties between India and UAE."
It also provides for technical collaboration and knowledge sharing "on matters related to Fintech and financial products and services" between UAE and India.
(With inputs from agencies)
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