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From Dirhams to Digital: UAE's Cross-Border Payment Unveils the Future of Finance
In a monumental stride toward the future of global finance, the United Arab Emirates (UAE) has achieved a historic feat by completing the first cross-border payment using the Digital Dirham. This groundbreaking transaction, initiated by Sheikh Mansour bin Zayed Al Nahyan, Chairman of the Central Bank of the UAE, involved the transfer of AED50 million (approximately $13.6 million) to China. The success of this endeavor, facilitated through the collaborative "mBridge" platform, signifies a transformative era for Central Bank Digital Currencies (CBDCs) and their potential impact on the international financial landscape. ... (full story)