Crypto News Recap: UAE Doubles Down on CBDC & Metaverse

Crypto News Recap: UAE Doubles Down on CBDC & Metaverse

This week in the Crypto News Recap, UAE is on the right track to becoming a crypto powerhouse with new CBDC success and heavily investing in metaverse migration. Speaking of the metaverse, two Arab artists to perform in the first-ever avatar concert in the Arab world. 

In even more exciting news, Saudi Neom is making a big bet on its growth in the metaverse, and Emirates Airlines is planning to utilize the metaverse potential to train new pilots. 

Without further ado, let’s take a look at the major highlights of last week in the amazing world of crypto.

Central Bank of the UAE Complete First CBDC Pilot Successfully

The Central Bank of the UAE announced the successful completion of the first CBDC pilot involving four jurisdictions and real-value transactions. The Bank of Thailand, the Central Bank of the United Arab Emirates, the People's Bank of China, the Hong Kong Monetary Authority (HKMA), and BIS are working together on the project. Twenty commercial banks from those locations also took part.

The trial took place from August 15 to September 23, 2022, on the mBridge Ledger, a custom-developed DLT platform. The 20 participating commercial banks utilized the platform to settle various payment types for corporate clients, with a focus on