UAE Makes First Cross -Border Digital in Digital Dirham payment

THE days of USD dominance in the global market are numbered as on Monday, UAE made the first cross border-transaction using its digital Dirham.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE, made the first-ever digital transaction to China using blockchain technology.
The digital payment was transferred via the ‘M Bridge’ platform, which uses central bank digital currencies for international fund transfers between participating banks.
The transaction was made on the occasion of the UAE Central Bank’s Golden Jubilee, during a celebration at the Abu Dhabi National Exhibition Center.
The ceremony showcased the progress and development that the Central Bank of the UAE has made over the past 50 years.
Sheikh Mansour also witnessed the graduation of the first batch of 1,056 citizens from the ‘Ethraa’ programme, who completed a high-level training and qualification programme at the Emirates Institute of Finance.
The programme is intended to build a generation of national expertise capable of leading the business sectors in the UAE.
By Desmond Nleya, Daily Times