The United Arab Emirates’ central bank digital currency pilot has made its first transaction, reportedly completed in under two minutes.
The United Arab Emirates has made the first transaction with its central bank digital currency in the first major update to the project since it was announced in March.
The United Arab Emirates’ Ministry of Finance and Dubai Finance said on Tuesday that the transaction was part of the pilot phase of the Digital Dirham project and used the government payment platform mBridge.
The agencies said the transaction was a first for the UAE government and was a “step towards broader adoption of the national digital currency across both government and private sector operations.”
