UAE and XRP Make History with Digital Dirham in Cross-Border Payment to China

January 30, 2024 at 11:15 AM GST updated: January 30, 2024 at 10:12 AM 2 mins read Crypto Live News

UAE conducts first cross-border payment using Digital Dirham to China.
Sheikh Mansour utilizes ‘M Bridge’ platform with Ripple’s XRP for efficiency.
UAE reinforces global hub status with pioneering digital finance move.

In a groundbreaking move, the UAE achieves a historic milestone in digital finance with its inaugural cross-border payment using the Digital Dirham. Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Central Bank, conducted the transaction amounting to AED 500,000,000 through the ‘M Bridge’ platform, directly to China.

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🚨🚨Breaking News: The UAE achieves a groundbreaking feat in digital finance by executing its first cross-border payment using the Digital Dirham. This landmark transaction, conducted on the 'M Bridge' platform, involved a substantial sum and was made directly to China. Notably,…
— WallStreetBulls (@w_thejazz) January 29, 2024

This marks a transformative moment in global finance, emphasizing the UAE’s commitment to blockchain technology and digital assets. The ‘M Bridge’ platform leverages Ripple’s XRP, streamlining international transactions and advancing the integration of cutting-edge technologies in the financial sector.

The monumental transaction took place during the celebration of the ‘Golden Jubilee’ of the Central Bank’s establishment and the graduation of the inaugural batch of the ‘Ethraa Emiratisation’ program.

Sheikh Mansour’s emphasis on fortifying the UAE as a global financial hub underscores the strategic vision of the leadership. The utilization of the Digital Dirham aligns with the leadership’s dedication to fostering financial and monetary stability, promoting efficiency in the financial system, and driving economic growth for overall national development.

Congratulations were extended to the Central Bank staff, the Emirates Institute of Finance, and the graduates of the Ethraa program. Sheikh Mansour’s commitment to empowering Emirati citizens aligns with the broader goal of contributing to the country’s cultural and developmental renaissance.

The Vice President was further briefed on innovative projects by the Central Bank’s subsidiaries, including the launch of Al Etihad Payments company, advancements in the local payment card system, and the Aani instant payment platform launched in October 2023.

This significant move reaffirms the UAE’s pioneering role in the global financial landscape, setting new standards for the integration of digital currencies and blockchain technology.