The UAE made a first cross-border payment using the UAE Central Bank’s digital currency (CBDC), ‘Digital Dirham’, amounting to Dh50 million ($13.6mn), reported Gulf News. Sheikh Mansour Bin Zayed Al Nahyan, vice president, deputy prime minister, chair of the Presidential Court and chair of the Board of the Central Bank, conducted the transaction directly to China through the mBridge platform.
This is a few months after First Abu Dhabi Bank (FAB) completed pilot testing with J.P. Morgan’s Onyx system for blockchain-based cross-border payments, according to Zawya.