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India and UAE to Collaborate on Developing Digital Currencies
The countries will see if their central bank digital currencies will be interoperable.
India and the United Arab Emirates will jointly conduct pilot programs on central bank digital currencies, or CBDCs, according to an announcement on Wednesday.
The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding in Abu Dhabi to explore the interoperability between the CBDCs of the two countries.
STORY CONTINUES BELOW
The banks will also "jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade," the announcement said.
India has been testing a retail CBDC in 15 cities reaching more than 50,000 customers, and 10,000 merchants. It hopes to launch a digital currency by the end of the year.
Read More: Unpacking India's CBDC Pilots as Country Prepares for Digital Rupee
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
