The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (UAE) have decided to work together on transferring or exchanging money between them digitally. It will help to make sending money, or doing trading, be easier, faster, and cheaper for people who live in India and UAE. This cooperation is expected to improve the economic links between both countries.
RBI and CBUAE Make Cooperative Agreement to Boost Cross-Border Digital Money Usage
The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) have made an agreement to work together. The agreement will help each country use digital money better. RBI said that this partnership “will enable innovation in financial products and services”.
The Reserve Bank of India (RBI) and the Central Bank of United Arab Emirates (CBUAE) have teamed up to work together on technology innovations related to digital money, such as Central Bank Digital Currencies. This means that they will try out different experiments to help people use digital money when transferring or trading money between countries.
India started a digital currency trial in November last year for big companies, and then continued it to the retail sector in December. RBI Executive Director Ajay Kumar Choudhary said recently that India’s CBDC (Digital Currency) will serve as an alternative to cryptocurrencies. The MoU (agreement between two parties) also plans to share information on anything related to fintech and financial services.
India’s central bank, the RBI, and the Central Bank of the United Arab Emirates are working together to test out ways of using digital currencies between their two countries. Many people already use digital money in India, with up to 50,000 users and 5,000 merchants registered on the system. The goal is that this joint effort will reduce costs when people transfer money across borders and it could even strengthen ties between India and UAE’s economies. What do you think about this? Share your thoughts below!
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