According to www.ledgerinsights.com, the United Arab Emirates has conducted its first government financial transaction using the digital dirham in an innovative move. This transaction, carried out last week in collaboration with the UAE Ministry of Finance and the Dubai Department of Finance, took place on the mBridge platform. This platform is an innovative solution in the field of central bank digital currencies (CBDC) designed to facilitate cross-border payments. This historic event signifies the UAE's advancements in its CBDC programs across three major areas: wholesale, retail, and cross-border. Ahmad Ali Muftah, Executive Director of the Central Accounts Department at the Dubai Department of Finance, emphasized that this transaction was completed in less than two minutes, aiming to enhance operational efficiency and expedite financial settlements between government entities. This initiative not only helps reduce costs but also enables near-instant settlement for transactions, which is one of the key objectives of the UAE's CBDC project. Additionally, this project aims to improve financial inclusion in the country. Earlier this year, the Central Bank of the UAE, in collaboration with R3, worked on developing wholesale and retail CBDC solutions using the Corda blockchain. This recent transaction demonstrates successful integration between various platforms and the settlement of government payments 'without intermediaries.' With these actions, the United Arab Emirates is stepping towards a digital and efficient future in finance, showcasing how technology can facilitate economic activities. For more images and additional information, please refer to the news source.