Central banks of UAE, India to join forces to boost digitalisation

By Andrei Skvarsky.

The central banks of the United Arab Emirates and India have signed a memorandum of understanding (MoU) to boost the digitalisation of financial products and services.

At the centre of the MoU is a plan to test the cross-border use by the two countries of their developing central bank digital currencies (CBDCs).

A CBDC is a digital version of a country’s fiat money and is issued and regulated by its central bank.

The Central Bank of the UAE and Reserve Bank of India are going to carry out pilot projects to test the interoperability between the two countries’ CBDCs, the MoU said.

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