India-UAE Signs MoU to Develop CBDCs In Collaboration

India and UAE Shake Hands on Developing CBDCs

March 16, 2023 Ramsha Naushad

Reserve Bank of India and Central Bank of the UAE signed MoU to promote innovation in financial products and services.

[{"selector":"#anim-57d445a4-722f-4b08-a905-b63c33389f11","keyframes":{"transform":["translate3d(-94.72477%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9648679a-94a9-41a2-b480-e1630d32bb27","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-723bc53f-6de3-4ddb-931d-718c4a9a092e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

In a press release yesterday, RBI shared that it has signed a Memorandum of Understanding (MoU) today in Abu Dhabi to enhance cooperation and jointly enable innovation.

[{"selector":"#anim-78a678a1-9216-48fa-8ef3-35c315081522","keyframes":{"transform":["translate3d(-97.90697%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f24828e2-e6b8-451e-9960-93d00508ca4d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-46dbba0e-8961-4cb4-a947-a85ef9875866","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Under the MoU, the two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs).

[{"selector":"#anim-2452e283-5312-4c73-a871-53a60dfc74c7","keyframes":{"transform":["translate3d(-104.97237%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3b2e7556-1652-45bd-b9a1-db82519bb97d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c7a2685-8b1e-4cf2-9fb1-52fe280725a8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

They will also explore interoperability between the CBDCs of CBUAE and RBI.

[{"selector":"#anim-8a3d367d-3ddf-42af-be02-9e7b5797f4b9","keyframes":{"transform":["translate3d(-107.53623%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f9d2bda6-606a-4c1a-9daf-019e5cb81f48","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5d3977c4-215f-49cd-88ab-46d973b31178","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.

[{"selector":"#anim-bd049b6a-2d0d-45da-9385-a2547422e578","keyframes":{"transform":["translate3d(-104.298%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0dc3fb7b-335d-48a5-8c18-a76bcc14e08c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d2802e67-ba6b-4774-b51e-4226bb71dbc5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase the efficiency of cross-border transactions, and strengthen the economic ties between both nations.

[{"selector":"#anim-1e4f8879-0ef3-4e67-b157-1b590fda2da7","keyframes":{"transform":["translate3d(-108.67052%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9c7b84b6-983a-42ea-8e43-2039db1dfbff","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-548761c1-8607-4aad-92f8-7bd33b99c126","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

India plans to launch a digital currency by the end of the year and has been testing a retail CBDC in 15 cities.

[{"selector":"#anim-1ae2efca-abd4-47a8-b931-078aff3b241c","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70ab6ccf-ab72-43b1-8cea-2a1a00728bab","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0e977bb3-3016-4703-93e9-13267d9aa5cd","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-047e136e-e753-4487-bff0-5d3a976d6ebf","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}] More Crypto Stories...