{"id":18772,"date":"2023-03-16T03:15:29","date_gmt":"2023-03-16T03:15:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/india-uae-collaborate-to-boost-cross-border-central-bank-digital-currency-transactions-regulation-bitcoin-news\/"},"modified":"2023-03-16T03:15:29","modified_gmt":"2023-03-16T03:15:29","slug":"india-uae-collaborate-to-boost-cross-border-central-bank-digital-currency-transactions-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/india-uae-collaborate-to-boost-cross-border-central-bank-digital-currency-transactions-regulation-bitcoin-news\/","title":{"rendered":"India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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India\u2019s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is \u201cexpected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,\u201d India\u2019s central bank explained.<\/strong><\/p>\n

India and UAE Collaborate on CBDCs<\/h2>\n

India\u2019s central bank, the Reserve Bank of India (RBI), announced Wednesday a collaboration with the Central Bank of the United Arab Emirates to enhance both countries\u2019 central bank digital currency (CBDC) efforts.<\/p>\n

\u201cThe Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) today in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services,\u201d the RBI described.<\/p>\n

\u201cUnder the MoU, the two central banks will collaborate on various emerging areas of fintech, especially central bank digital currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI,\u201d India\u2019s central bank continued, elaborating:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

India began its digital rupee pilot in November last year for the wholesale sector<\/a>, and in December for the retail sector<\/a>. RBI Executive Director Ajay Kumar Choudhary said earlier this month that the country\u2019s CBDC will act as an alternative<\/a> to cryptocurrency.<\/p>\n

Noting that \u201cThe MoU also provides for technical collaboration and knowledge sharing on matters related to fintech and financial products and services,\u201d the RBI concluded:<\/p>\n

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This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.<\/p>\n<\/blockquote>\n

In February, the RBI revealed<\/a> that 50,000 users and 5,000 merchants are using digital rupees.<\/p>\n

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cross border CBDC<\/a>, digital rupee<\/a>, India<\/a>, india central bank digital currency<\/a>, India UAE<\/a>, India UAE central bank digital currencies<\/a>, RBI<\/a>, rbi cbdc<\/a>, rbi central bank digital currency<\/a>, UAE<\/a>, UAE central bank digital currency<\/a><\/div>\n<\/div>\n

What do you think about India\u2019s central bank and the Central Bank of the United Arab Emirates collaborating on CBDC work? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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