The UAE's "Digital Dirham" CBDC has completed its first government transaction! The entire process took less than 2 minutes.

This test was led by the Ministry of Finance of the UAE and the Dubai Department of Finance, and executed through the mBridge cross-border payment platform. Executive Ahmed Ali Meftah stated that the completion of the transaction in a short period of time demonstrated the system's technical integration and operational capabilities – which is significant for optimizing intergovernmental payments and shortening the clearing cycle.

According to the plan, the digital dirham will be promoted in phases, initially only for payment scenarios, to avoid competing with savings products. This is an important measure by the Central Bank of the UAE to adapt to the digital economy era and modernize the monetary system.

Global CBDC progress reference: Currently, only Nigeria, the Bahamas, and Jamaica have officially issued CBDCs, while 49 other countries are in the pilot stage.