UAE’s Central Bank (CBUAE) and China’s Central Bank ‘s Digital Currency Institute (PBC DCI) announced joining HKMA and Thailand Central Bank (BOT) ‘s digital currency project for cross-border payments named as “m-CBDC Bridge”.
The m-CBDC Bridge project involves:
- developing a proof-of-concept with distributed ledger technology (DLT)
- facilitating real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis.
- exploring use cases in a cross-border context using both domestic and foreign currencies.
- Inviting more central banks to study DLT as a way to reduce inefficiencies, high cost and complex regulatory compliance in cross-border fund transfers.
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