The United Arab Emirates and India are continuing to further bilateral cooperation, including with a digital currency initiative announced on Thursday.
The UAE Central Bank signed an agreement with the Emirati artificial intelligence firm G42 Cloud to start the process of ultimately launching a digital form of the Emirati currency, the dirham. The strategy will include feasibility work with India for the purpose of trade, the soft launch of a program called “mBridge” to facilitate international trade with the currency, and feasibility work on using the currency for wholesale and retail domestically, the bank said in a statement.
