RBI, UAE central bank sign MoU on interoperability of their CBDCs

Move is expected to reduce costs, boost efficiency of cross-border dealings and strengthen economic ties between India and UAE

The central banks of India and the United Arab Emirates have signed a memorandum of understanding (MoU) to explore interoperability between their respective central bank digital currencies, among other things.

In a statement on Wednesday, Reserve Bank of India (RBI) said, “RBI and the Central Bank of the United Arab Emirates (CBUAE) signed a MoU in Abu Dhabi to enhance cooperation and jointly enable innovation in financial products and services”.

Under the MoU, the two central banks – RBI & CBUAE – will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between