UAE completes pilot of crossborder transactions using central bank digital currencies

UAE completes pilot of crossborder transactions using central bank digital currencies

PHOTO: Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic

The Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world’s largest pilot of central bank digital currencies (CBDC) transactions, with other regulators including the People’s Bank of China’s Digital Currency Institute.