India and the United Arab Emirates announced that they will conduct pilot programs exploring using central bank digital currencies (CBDCs). A memorandum of understanding was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates in Abu Dhabi, focusing on interoperability between the two countries CBDCs. Additionally, they will jointly conduct proof-of-concept (PoC) and pilot programs to facilitate cross-border CBDC transactions for remittances and trade.
India is forging ahead with its plans to launch a digital currency by the end of 2021, having already tested the retail Central Bank Digital Currency (CBDC) in fifteen cities nationwide. Over 50,000 customers and 10,000 merchants have already used the new technology
