The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) have announced a partnership to enhance their Central Bank Digital Currency (CBDC) transactions of remittances and trade.

The collaboration aims to increase the efficiency of cross-border transactions and reduce costs. The two central banks signed a Memorandum of Understanding (MoU) on Wednesday in Abu Dhabi to enhance cooperation and jointly enable innovation in financial products and services.

Under the MoU, the RBI and CBUAE will collaborate on various emerging areas of FinTech, particularly CBDCs, and explore interoperability between the CBDCs of the two central banks. This initiative is expected to further economic ties between India and UAE and bring more transparency to cross-border transactions.

The banks will also conduct Proof of Concepts and pilots of bilateral CBDC to facilitate cross-border CBDC transactions of remittances and trade. The initiative is in line with the RBI’s efforts to explore the possibility of launching a digital version of the Indian Rupee.

This move is significant for both countries as India is the UAE’s second-largest trading partner, and the UAE is India’s third-largest trading partner. The two countries have a long-standing economic relationship, and this partnership is expected to enhance it further.

Speaking about the partnership, the Governor of RBI, Shaktikanta Das, said, “This agreement marks a significant milestone in the cooperation between the Reserve Bank of India and the Central Bank of the UAE, and will further strengthen the longstanding relationship between the two countries.”

The partnership between the RBI and CBUAE is expected to pave the way for similar collaborations between other central banks globally. The adoption of CBDCs is gaining momentum worldwide, with several countries exploring the possibility of launching their digital currencies.

In conclusion, the partnership between the RBI and CBUAE is expected to bring more transparency and efficiency to cross-border transactions and further strengthen the economic ties between India and UAE. The collaboration is a significant milestone in the adoption of CBDCs globally and is expected to pave the way for similar collaborations between other central banks worldwide.

#RBI #UAE #azcoinnews

This article was republished from azcoinnews.com

The Central Bank of UAE (CBUAE) has announced the implementation of its Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives under the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. A signing ceremony was jointly held by CBUAE, G42 Cloud and R3 to mark the occasion.

G42 Cloud and R3 will serve as the infrastructure and technology providers, respectively, for the CBDC implementation. The CBUAE has already undertaken several successful CBDC initiatives, including Project “Aber” with the Saudi Central Bank in 2020, which was awarded the Global Impact Award by Central Banking Magazine, and the first real-value cross-border CBDC pilot under the “mBridge” Project with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Bank for International Settlements in 2022.

The first phase of CBUAE’s CBDC Strategy is expected to complete over the next 12 to 15 months and comprises three major pillars. These include the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement, proof-of-concept work for bilateral CBDC bridges with India, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

CBDC is a risk-free form of digital money issued and guaranteed by the central bank, serving as a secure, cost-effective and efficient form of payment and a store of value. As part of the UAE’s digital transformation, CBDC will help address the pain points of domestic and cross-border payments, enhance financial inclusion, and support the move towards a cashless society.

CBDC is also expected to further strengthen the UAE’s payment infrastructure, providing additional robust payment channels and ensuring a resilient and reliable financial system. The CBUAE aims to ensure the readiness of the UAE to integrate the payment infrastructures with the future potential tokenisation world, the tokenisation of financial and non-financial activities.

Khaled Mohamed Balama, the Governor of the CBUAE, said, “CBDC is one of the initiatives as part of the CBUAE’s FIT programme, which will further position and solidify the UAE as a leading global financial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. CBDC will accelerate our digitalisation journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society.”

#CBDC #UAE #CBUAE #azcoinnews #crypto2023

This article was republished from azcoinnews.com

Zug, Switzerland, is where Islamic Coin, a Sharia-compliant cryptocurrency and blockchain platform, Haqq, was founded. They recently signed four important memorandums of understanding. These agreements are aimed at establishing partnerships with leading private and public services in the United Arab Emirates ( #UAE ), creating ties in the areas of immigration, medical and healthcare services, and travel.
Four organizations have joined the Islamic Coin - Haqq partner network

MBM Specialty Medical Center: This medical center offers specialized services for clients from all over the world.

24 Seven Government Transactions Center: A government service center that deals with various government transactions.

IV Wellness Lounge Clinic: A wellness clinic known for its innovative treatments and services.

Middle East Holiday: A well-known player in the travel industry, serving millions of customers around the world.

The main goal of this collaboration is to improve customer experience and integrate advanced technologies by leveraging the innovative capabilities of the #HAQQ blockchain and #IslamicCoin . The signing ceremony took place at the office of Sheikh Mohammed bin Maktoum bin Juma Al Maktoum and marks the beginning of some international initiatives.

Founder Mohammed Al Kaff Al Hashmi expressed his great satisfaction with these new partnerships. He emphasized the importance of expanding Islamic Coin's presence in sectors that play a vital role in people's lives, from healthcare to travel.

Islamic Coin and Haqq Network have previously partnered with London-based DDCAP Group. This partnership aims to facilitate the seamless integration of Haqq Network with more than 300 global Islamic banks. The collaboration is aimed at developing various solutions for Islamic finance, including a Shariah-compliant alternative to SWIFT - Web3, a digital asset platform, central bank digital currencies (CBDCs), tokenization, and other innovative initiatives.

This initiative opens the door for crypto products in one of the world's most powerful economies. I would like to remind you that the Advisory Board of the project includes members of the ruling families of Abu Dhabi and Dubai, who provide valuable experience and oversee the project. The Executive Board consists of prominent representatives of both conventional and Islamic finance, including figures with extensive experience in Islamic banking and global finance, so it is worth paying close attention to this project and following it, this is my advice to you.

This partnership and expansion of the network is indicative of a broader trend where blockchain and cryptocurrencies are increasingly being integrated into various sectors and industries around the world, including those that adhere to ethical and Shariah principles.

#crypto2024 #Crypto2023
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