BRICS: UAE Pays China With New Digital Dirham, Ditches US Dollar
BRICS members UAE and China settled a cross-border transaction on Monday using the new Digital Dirham sidelining the US dollar. This is the first-ever transaction made directly to China from the UAE using the new mode of payment with the Digital Dirham . The direct trade settlement was initiated by the UAE through the ‘M Bridge’ platform making ways for BRICS to end reliance on the US dollar through digital methods. Also Read: BRICS: Russia Building New Payment System Without U.S. Dollar The UAE Central Bank initiated the Digital Dirham payment to China amounting to Dh500 million, which is equivalent to $136 million. Shaikh Mansour conducted the historic transaction directly to China showcasing the ‘M Bridge’ payment platform. The live trade settlement was also attended by the UAE’s Central Bank officials and graduating students comprising 1,056 Emiratis. The development indicates that the UAE is ushering in a new era of digital payments. Also Read: BRICS Expansio...