The central banks of India and the UAE have signed a cooperation agreement to verify the compatibility between each country’s digital bank currencies. India and the UAE will conduct joint pilot programs on these digital bank currencies. The banks will conduct joint experiments to ensure the ability of each country’s digital currency to work together.

India plans to launch a digital currency at the end of this year, following trials in 15 cities where the digital currency was distributed to over 50,000 customers and 10,000 merchants.

Through digital bank currencies, both countries aim to facilitate financial transactions and achieve faster and more efficient financial and commercial transfers. It is expected to be a promising future in the world of digital economy.