United Arab Emirates Makes First Digital Transfer Using CBDC

The central bank of the United Arab Emirates made its first international transfer using a central bank digital currency (cbdc) on January 29. It transferred 50 million dirhams (us$13.6 million) to China using the mBridge platform.

The payment was made by Sheikh Mansour during the celebration of the Golden Jubilee of the establishment of the Central Bank.

Project mBridge was launched in 2021 by China, Hong Kong, Thailand and the U.A.E. to connect their cbdcs and work independently from the United States.

Abandoning the dollar: About 90 percent of central banks worldwide are looking into adopting cbdcs, the Bank for International Settlements says. Eleven countries have already launched a digital currency.

This push is part of a worldwide trend to move away from the United States dollar as the world’s dominant currency. Bible prophecy warns that a massive anti-American alliance will soon form to besiege the U.S. economically. cbdcs provide a promising alternative for trade within this coming alliance.

Learn more: Read “Atlantic Council: CBDCs Threaten the Dollar’s Dominance.”