Chinese central banks and UAE launch joint digital currency project for cross-border payments

Chinese central banks and UAE launch joint digital currency project for cross-border payments

The Bank of Thailand (BOT), along with the Hong Kong Monetary Authority (HKMA), have announced a joint project with the People’s Bank of China (PBOC) and the UAE Central Bank that will use blockchain technology to conduct cross-border payments.

Last year, the Hong Kong Monetary Authority and the Bank of Thailand teamed up to explore the potential applications of central bank digital currencies (CBDCs), and now they have expanded their project to also include the People’s Bank of China and the Central Bank of the United Arab Emirates. The central bank group has looked at distributed ledger (DLT) technology to help “facilitate real-time cross-border currency payment-to-payment transactions,” Hong Kong revealed.

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