The Central Bank of the UAE , made history on Jan. 29th by initiating the first cross-border payment of 50 million dirhams usi

The Central Bank of the UAE 🇦🇪, made history on Jan. 29th by initiating the first cross-border payment of 50 million dirhams using the UAE’s ‘Digital Dirham’ (wholesale CBDC for central/private banks, not yet a retail CBDC for use in transactions by citizens). The UAE made the historic transaction directly to China through the ‘mBridge’ platform. Project mBridge was launched in 2021 by the central monetary authorities of China 🇨🇳, Hong Kong 🇭🇰, Thailand 🇹🇭, and the UAE in collaboration with the Bank for International Settlement. This is the first non-USD transactions between the two BRICS nations. One member of the US 🇺🇸 Congress, Rep. M. Waters, of the House Financial Services Committee, expressed concern that the initiative could be used as a cover for evading economic sanctions. Sheikh Mansour of the UAE Central Bank underscored it’s responsibility to promote economic growth to support development initiatives in the country. According to him, this should be achieved by ensuring financial and monetary stability, as well as enhancing the efficiency and adaptability of the financial system. The UAE, a new BRICS member, is looking for innovative ways to propel the Digital Dirham ahead of the US currency. Furthermore, China encourages developing countries to prioritize their indigenous currencies in trade settlements above the US dollar. Video source: maneco64 Источник: The Paradigm Shift Channel ⏳