Share this article
India and UAE to Collaborate on Developing Digital Currencies
The countries will see if their central bank digital currencies will be interoperable.
By Amitoj Singh
Updated Mar 15, 2023, 6:23 p.m. Published Mar 15, 2023, 1:22 p.m.
Make us preferred on Google
India and the United Arab Emirates will jointly conduct pilot programs on central bank digital currencies, or CBDCs, according to an announcement on Wednesday.
The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding in Abu Dhabi to explore the interoperability between the CBDCs of the two countries.
STORY CONTINUES BELOW
The banks will also "jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade," the announcement said.
India has been testing a retail CBDC in 15 cities reaching more than 50,000 customers, and 10,000 merchants. It hopes to launch a digital currency by the end of the year.
Read More: Unpacking India's CBDC Pilots as Country Prepares for Digital Rupee
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
El Salvador's central bank buys $50 million of gold as government keeps adding bitcoin
The bitcoin-friendly nation's central bank now holds over $360 million of the yellow metal, while the government, led by President Nayib Bukele, has bitcoin holdings worth $635 million.
What to know:
- El Salvador's central bank added $50 million of gold to its reserves on Thursday.
- The country also made its usual purchase of 1 bitcoin, bringing the government’s holdings to 7,547 coins, worth $635 million.
Top Stories
