RBI and the UAE Central Bank have joined forces to facilitate cross-border CBDC transactions

March 16, 2023

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The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a memorandum of understanding (MoU) on Wednesday (March 15) to jointly conduct proof-of-concept and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade, and to enable innovation in the financial products and services segment.

According to an official statement, the two central banks will collaborate on various emerging areas of fintech, particularly Central Bank Digital Currencies (CBDCs), and will investigate interoperability between the CBDCs of CBUAE and RBI. The digital rupee is a legal tender digital token. The Reserve Bank of India (RBI) issues Digital Rupees in the same denominations as paper currency and coins, and they are distributed through banks. According to the Union Ministry of Finance, as of February 28, 2023, Digital Rupees worth INR 130.41 Cr were in circulation.

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