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India: Signed India-UAE MoU to Promote Innovation in Financial Products and Services

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Signed India-UAE MoU to Promote Innovation in Financial Products and Services

On 15 March 2023, the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) to promote innovation in financial products and services. Under the MoU, the parties will explore interoperability between their Central Bank Digital Currencies (CBDCs) and jointly conduct proof-of-concept and pilots of bilateral CBDC to improve implementation of cross-border transactions.

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Scope

Policy Area
Instrument unspecified
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
bi- or plurilateral agreement
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2023-03-15
adopted

On 15 March 2023, the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates …