India’s 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 “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,” India’s central bank explained.
India and UAE Collaborate on CBDCs
India’s 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’ central bank digital currency (CBDC) efforts.
“The 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,
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