• Latest
  • Trending
  • All
India and UAE to Collaborate on Interoperable CBDC

India and UAE to Collaborate on Interoperable CBDC

March 16, 2023
How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

March 23, 2023
What Makes Dogecoin So Popular Today?

What Makes Dogecoin So Popular Today?

March 23, 2023
What can Ethereum’s [ETH] declining gas fees mean for the protocol? Analyzing…

What can Ethereum’s [ETH] declining gas fees mean for the protocol? Analyzing…

March 23, 2023
Coinbase Enters The Brazilian Market Partnering With Pix Payment App

Coinbase Enters The Brazilian Market Partnering With Pix Payment App

March 23, 2023
SEC’s new crypto suit alleges market manipulating wash trading

SEC’s new crypto suit alleges market manipulating wash trading

March 23, 2023
Ethereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision

Ethereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision

March 23, 2023
Fidelity and BlackRock Expands into BTC and ETH Space amid Crypto Prolonged Winter

Fidelity and BlackRock Expands into BTC and ETH Space amid Crypto Prolonged Winter

March 23, 2023
Asian Gaming Giant Nexon Taps Polygon for MapleStory Universe

Asian Gaming Giant Nexon Taps Polygon for MapleStory Universe

March 23, 2023
Taco Bell’s Metaverse Wedding Actually Happened

Taco Bell’s Metaverse Wedding Actually Happened

March 22, 2023
Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

Freeze, Hackers! You’re Under Protest! American Legal System Takes Steps Towards Recovering Stolen Assets | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

March 22, 2023
Dogecoin Price Prediction 2023 – 2030

Dogecoin Price Prediction 2023 – 2030

March 22, 2023
Bitcoin and Ether Hold Up with Recent Gains while Awaiting Fed Rate Hike Decision

Bitcoin and Ether Hold Up with Recent Gains while Awaiting Fed Rate Hike Decision

March 22, 2023
Thursday, March 23, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Blockchain

India and UAE to Collaborate on Interoperable CBDC

by Cuevas Antonio
March 16, 2023
in Blockchain
0
India and UAE to Collaborate on Interoperable CBDC
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


By issuing a CBDC, the UAE hoped to address its cross-border payment challenges and ‘drive innovation for domestic payments’.

India and the United Arab Emirates have agreed to collaborate on an interoperable CBDC. This will facilitate cross-border remittances and sales transactions. The collaboration could lead to other such partnerships between countries and spur further adoption of digital currencies.

According to the press release, the Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding that allows the two apex banks to develop and pilot-test interoperable CBDCs. The banks will jointly conduct a proof-of-concept (PoC) of a bilateral CBDC bridge. They will also launch a joint pilot test across the two nations.

Previously, the RBI launched the first pilot of its retail CBDC within a closed user group in selected locations within the country. The test has reached over 10,000 customers and 50,000 customers across 15 cities. RBI plans to follow up by launching a digital currency before the year is over.

For the UAE, it introduced the FIT program, which includes the issuance of a CBDC as the first stage. By issuing a CBDC, the country hoped to address its cross-border payment challenges and ‘drive innovation for domestic payments’.

Past Stance Doesn’t Inspire Confidence in Interoperable CBDCs

There are concerns that India’s stance towards digital assets may influence the outcome of the collaboration negatively. In the past, India has been strict with the asset class. Apart from pushing for an outright ban on cryptocurrencies, the government imposed a 30% tax on crypto profits. It also imposed a 1% TDS tax on the sale of crypto assets, forcing many traders out of the market.

Again, the bank released its concept notes for cryptocurrencies, leading to criticism from local crypto firms. The apex bank was accused of plotting to replace private digital currencies with a government-controlled asset.

In its defense, the RBI claimed it is in the purview of the government to provide risk-free assets for citizens, which is not possible using private assets. One executive labeled the move as outdated and orthodox and indicative of a limited understanding of crypto assets.

next

Blockchain News, Cryptocurrency news, News

Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

Thank you!

You have successfully joined our subscriber list.



Source link

Tags: CBDCCollaborateIndiaInteroperableUAE
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 19, 2023
ChatGPT is Being Used to Make ‘Quality Scams’

ChatGPT is Being Used to Make ‘Quality Scams’

March 20, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

March 23, 2023
What Makes Dogecoin So Popular Today?

What Makes Dogecoin So Popular Today?

March 23, 2023
What can Ethereum’s [ETH] declining gas fees mean for the protocol? Analyzing…

What can Ethereum’s [ETH] declining gas fees mean for the protocol? Analyzing…

March 23, 2023

Recent News

How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan

March 23, 2023
What Makes Dogecoin So Popular Today?

What Makes Dogecoin So Popular Today?

March 23, 2023

Categories

  • Altcoin
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Education
  • Ethereum
  • Featured
  • Litecoin
  • Market
  • News
  • Uncategorized

Follow Us

Recommended

  • How the Riot Platform Diversifies Its Mining Operations As Shares Tumbled 85% – Cryptopolitan
  • What Makes Dogecoin So Popular Today?
  • What can Ethereum’s [ETH] declining gas fees mean for the protocol? Analyzing…
  • Coinbase Enters The Brazilian Market Partnering With Pix Payment App

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved