Yesterday the UAE officially launched the mBridge cross border CBDC platform with a payment to China. The ceremony was attended by the UAE’s Vice President and Deputy Prime Minister, His Highness Sheikh Mansour bin Zayed Al Nahyan, who executed the transaction.
HH Sheikh Mansour also Chairs the Central Bank of the UAE (CBUAE), with both the Governors of the CBUAE and the People’s Bank of China in attendance in person. mBridge enables direct cross border payments between banks, sidestepping the need to use correspondent banking, enabling near instant international transfers. In June last year mBridge entered the minimum viable product (MVP) phase, with this announcement signalling it is now live.
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