The UAE has carried out the first digital transfer of dirhams through the mBridge platform.
The mBridge system is the largest cross-border CBDC (Central bank digital currency) pilot project to date. This is a joint development of China, the UAE and Thailand. mBridge's biggest impact will be on sanctions because it creates a decentralized blockchain system (DLT) where it is impossible to track whether transactions fall under sanctions violations or not.
A cross-border CBDC transfer worth 50 million dirhams ($13.6 million) was sent to China using the multi-CBDC platform mBridge. The mBridge project was introduced in 2021 by the central monetary authorities of China, Hong Kong, Thailand and the UAE.
If the Russian Central Bank and the BRICS Bank join this project (which is more than likely), serious problems for the dollar may arise as early as this year.