The Digital Dirham is UAE’s CBDC.
As outlined on their website, they’re pushing forward with this project in 3 phases:
- the soft launch of mBridge to facilitate real value cross-border CBDC transactions for international trade settlement
- proof-of concept work for bilateral CBDC bridges with India
- proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.
It sounds like this is their preferred path for reducing dependence on the US dollar for settling international trade, but perhaps some of the econ experts on here can correct me if i’m wrong…