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Central Banks of China and United Arab Emirates Are Investigating CBDC For Cross-border Payments

by CBDC Insider
February 23, 2021
in Asia, Business
Reading Time: 1min read
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Central Banks of China and United Arab Emirates Are Investigating CBDC For Cross-border Payments
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The central banks of China and the United Arab Emirates are joining their counterparts in Thailand and Hong Kong on a CBDC project investigating cross-border foreign currency payments.

The Multiple CBDC (m-CBDC) project will see a proof-of-concept prototype developed designed to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple jurisdictions, operating 24/7.

It will analyse business use cases in a cross-border context with both domestic and foreign currencies.

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The project was first developed by the Hong Kong Monetary Authority and the Bank of Thailand and is being run with the BIS Innovation Hub in Hong Kong.

Read more: https://www.finextra.com/newsarticle/37537/china-and-uae-central-banks-explore-cbdc-for-cross-border-payments?utm_medium=rssfinextra&utm_source=finextrafeed

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