Connect with us

Hi, what are you looking for?

Economy

UAE and China Complete First $13.6M Cross-Border CBDC Transaction

The United Arab Emirates and China have executed their first cross-border central bank digital currency (CBDC) transaction valued at $13.6 million using digital dirham and digital yuan.

According to People.cn, the 50-million-dirham ($13.6 million) transaction occurred via the m-CBDC Bridge platform during the Central Bank of UAE’s 50th anniversary celebration in Abu Dhabi. This payment introduced the use of digital currencies in multilateral financial exchanges.

The event was attended by nearly a thousand people and marked by the presence of officials from both nations, including Vice President and Deputy Prime Minister of the UAE Mansour bin Zayed Al Nahyan and the Chinese Ambassador to the UAE Zhang Yiming.

During the celebration, Mansour invited Zhang to jointly initiate the cross-border payment and launch the m-CBDC Bridge, making the first real-time transaction since the Bridge’s phase one pilot in 2022.

Meanwhile, the Bank of China’s UAE institution also utilized the platform to successfully complete the first digital yuan cross-border remittance transaction.

Project mBridge for Multi-CBDC Cross-Border Transactions


Project mBridge is a multi-national digital currency platform initiated by the Bank for International Settlements. The founding central banks include Hong Kong Monetary Authority, Central Bank of the United Arab Emirates, Digital Currency Institute of the People’s Bank of China and Bank of Thailand.

The introduction of multi-CBDC (Central Bank Digital Currency) arrangements aimed to revolutionize the existing framework for cross-border transactions. The mBridge platform, underpinned by the mBridge Ledger, was particularly geared towards enhancing the efficiency of international trades.

Digital Yuan Remittances Set for Expansion in Hong Kong


A recent report by Xinhua unveiled that a collaboration between the Digital Currency Research Institute of the People’s Bank of China and the Hong Kong Monetary Authority is set to enhance the digital yuan’s cross-border capabilities, focusing on small-scale remittances between Mainland China and Hong Kong.

Initiated in late 2020, the pilot has facilitated digital yuan exchanges and payments across the regions. With preparations nearly complete, the next phase will see more institutions in Hong Kong offering these services.

Key developments include simplifying the process for Hong Kong residents to use digital yuan wallets and introducing cross-border remittances to improve transaction efficiency.

Additionally, efforts are underway to integrate digital yuan with Hong Kong’s payment systems, aiming to expand merchant acceptance and streamline cross-border e-commerce and educational payments.

The post UAE and China Complete First $13.6M Cross-Border CBDC Transaction appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In today’s crypto...

Economy

The amount of Bitcoin (BTC) held on Coinbase has plummeted by almost $1 billion worth of assets as whales move their holdings. New data...

Economy

Mumbai, the bustling financial hub of India, has introduced a metaverse initiative aimed at showcasing its latest and upcoming city-wide infrastructure megaprojects. Dubbed the Mumbai...

Economy

BlackRock, the world’s largest asset manager, has intensified its media advertising campaign for its recently launched iShares spot Bitcoin exchange-traded fund (ETF), framing the...

Economy

In an exclusive, gaming-focused interview with Cryptonews, the BLOCKLORDS game CEO David Johansson talked about the indestructible link between crypto and gaming. He told...

Economy

A recent study by a team of researchers from Europe and Asia explored the possibility of predicting positive outcomes in crypto market trading using...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.