The Central Bank of the UAE (CBUAE) has announced that it has selected Clifford Chance, R3, and G42 Cloud to assist in implementing its CBDC Strategy.

The first phase of the strategy will involve initiating real-value cross-border CBDC transactions for international trade settlement, proof-of-concept work for bilateral CBDC bridges with India, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

R3 and G42 Cloud will provide technology and infrastructure support, while Clifford Chance will provide legal oversight.