India and UAE partnership on CBDC development

Digital money is promoted by the government in India and this is the reason why they have launched their CBDC. India is one of the countries where the development was done very fast and the wearable to launch on time. The trial face has already been over and now this has been provided to multiple banks and some selected businesses to accept the money through CBD. So far there have been no issues with the development and even the trial so hopefully, within this year they are going to provide this to the general public however there has been no issues on this.

Now there is a further update on same India has done a partnership with UAE for the further development of CBDC and this is good news because together both countries will build something which is going to be even better. UAE is already focusing more on digital money which is the need of time and I hope in the coming years things are going to be great when it comes to Crypto or digital payment options. With these partners, both countries are exploring the possibilities of using cbdc without the use of USD. It's me not be good for the dollar but definitely, a good option can be created between both countries and this way cross border payment can be made even easier.

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India and the UAE will presumably investigate a retail CBDC to handle remittances. India currently has a domestic digital rupee pilot project with 50,000 users and 5,000 participating merchants. The RBI also reported in late February that it had completed around 800,000 transactions, worth $134 million, with its wholesale CBDCs and has been testing its CBDC’s offline functionality.

People in both countries use cross-border payment services and with Central Bank Digital Currencies (CBDCs) things are going to be better and more exciting. I just hope that India also learns to follow how UAE is doing on crypto and blockchain. We are in an era when things are going more on the digital side and technology is playing an important role. Some countries are doing good work in blockchain and metaverse and UAE is a leader in the segment. It seems that the Indian government is looking for digital exposure but they are not crypto-friendly and even they are not working in open for the public. Maybe they are working and maybe they are not but it's difficult it seems in India for users to trade in crypto.

I hope CDBC India makes things easy and sustainable but at the same time they also focus on the blockchain and crypto as this is a growing segment and we need to be on the right path to grow. There are multiple opportunities available in crypto space and we should not be missing on the same.

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