Crypto news recap: RBI and CBUAE to Develop CBDC

Published March 19th, 2023 - 03:36 GMT
Crypto news recap: RBI and CBUAE to Develop CBDC
Source: Shutterstock
Meta pulls the plug on NFTs on Instagram and Facebook.

ALBAWABA - This week on the Crypto news recap, Meta pulls the plug on NFTs on Instagram and Facebook. On the other hand, leaked screenshots show Microsoft's plans for Web3 wallet integration into Edge browser.

peaking of adoption, RBI, and the UAE Central Bank sign a memorandum of understanding to develop a CBDC bridge for remittances and trade.

All that and more, so let's get started!

Meta to End NFT Support on Facebook and Instagram 

Meta, the tech giant and Facebook's parent company, announced that it will be discontinuing its NFT functionality on both Instagram and Facebook.

The integration was introduced less than a year ago. In a tweet on March 13, Stephane Kasriel, the head of commerce and financial technologies at Meta, revealed that the company will be phasing out its support for NFTs and concentrating on other avenues to support creators, individuals, and businesses. Monetization and engagement with fans will be given priority.

RBI and UAE Central Bank to Collaborate on CBDC Interoperability and Remittances Bridge

On March 15, the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates signed a memorandum of understanding to cooperate and advance innovation in financial services.


Source: Shutterstock

The main focus of this collaboration will be on interoperability of central bank digital currencies (CBDCs) and the development of a proof-of-concept and pilot program for a CBDC bridge that would make it easier to facilitate remittances and trade.

The parties highlighted that the implementation of such a bridge would reduce costs, increase transaction efficiency and strengthen economic relations.

During talks in February, banking officials from India and the UAE discussed the possibility of using correspondent banks to establish a payment system between the rupee and the dirham. The system has been in development for a year, as the two countries currently use US dollars for payments settlement.

Microsoft Working on Web3 Wallet Integration into Edge Web Browser

According to reports, Microsoft is said to be in the process of integrating a Web3 wallet that is friendly towards cryptocurrencies and non-fungible tokens (NFTs) into its Edge web browser.

Albacore, who occasionally shares information ahead of time, posted a thread on Twitter on March 17, which included a series of screenshots showing the initial stages of the new Web3 wallet's user interface (UI). Albacore commented pessimistically on this new feature, calling it questionable to have a crypto wallet built into the default browser.

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