India and the UAE have announced a joint statement this week that they will be exchanging knowledge and expertise in the fields of digital payment infrastructures and the development of tokens linked to their respective national currencies.
This cooperation is part of India’s implementation of a CBDC project, which will aim to establish a seamless cross-border payment system.
The trials of the token are expected to begin in four cities across India, involving several companies and major commercial banks. If the tests are successful, the Indian government aims to launch a digital version of the rupee by the end of 2023.
