Apart from improving cross-border payments, CBUAE’s governor noted that the pilot was also targeted at enhancing the local financial sector in the Middle Eastern country.
Shenzhen-based companies single-handedly accounted for $7.3 million in transaction volumes out of the $22 million made by the four participating countries, according to reports.
Sveriges Riksbank is also partnering with Norway in Project Icebreaker to test the viability of CBDCs in international retail and remittance payments.
A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
In a research report, the BISIH highlighted results achieved from four recent cross-border multiple CBDC platform pilot projects the BIS partook in with different central banks worldwide.