UAE Completes First Digital Dirham Government Transaction in Under Two Minutes

UAE launches wholesale CBDC with government transaction using mBridge - Ledger Insights - blockchain for enterprise

Last week the UAE Ministry of Finance and Dubai Department of Finance (DOF) announced the execution of the first live government financial transaction using the digital dirham. It leveraged the mBridge platform, a CBDC solution mainly used for cross border payments. The UAE is advancing its CBDC plans across three fronts: wholesale, retail and cross […] The post UAE launches wholesale CBDC with government transaction using mBridge appeared first…

UAE Completes First Digital Dirham Government Transaction in Under Two Minutes

The United Arab Emirates has reached a landmark moment in its digital finance journey by conducting the first government transaction with the Digital Dirham. The UAE Central Bank launched this new digital money as part of its efforts to modernise the country’s financial system. The transaction was completed using the government-backed mBridge platform. It was completed in less than two minutes, highlighting the speed and reliability of the count…

UAE Completes Digital Dirham CBDC Pilot Payment

The United Arab Emirates has taken its national digital currency project to the next step with the successful execution of a government transaction through the Digital Dirham, its central bank digital currency. According to the reports, the payment was made using the multi-CBDC platform mBridge, which took less than two minutes to complete. This proves the system’s improving technological preparedness. Although the UAE has conducted various cros…