The United Arab Emirates and India are continuing to boost bilateral cooperation, this time with a Digital Currency initiative. The UAE Central Bank signed an agreement with the Emirati artificial intelligence firm G42 Cloud to start the process of ultimately launching a digital form of the Emirati currency, the dirham. The strategy will include feasibility work with India for the purpose of trade, the soft launch of a program called “mBridge” to facilitate international trade with the currency, and feasibility work on using the currency for wholesale and retail domestically. The announcement follows the Emirati Central Bank and India’s Reserve Bank signing a memorandum of understanding last week on increasing cooperation regarding financial innovation. The digital dirham announcement also follows pilot programs with the central banks of India, China, Thailand and other entities.

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