China, UAE to Ramp Up Cooperation on CBDCs
CryptoNewsTerminal Staff03 Jun, 2024
China, UAE to Ramp Up Cooperation on CBDCs
China and the United Arab Emirates (UAE) have reaffirmed their commitment to bolstering their partnership in the development and implementation of central bank digital currencies (CBDCs). According to a joint statement issued by the two countries, they plan to expand their collaboration on CBDCs to facilitate trade and investment between their respective nations. The statement highlighted the successful completion of a pilot project earlier this year, where a transaction of 50 million digital Dirham (13.6 million US dollars) was transferred through the mBridge CBDC project. This marked a significant milestone in the cross-border use of CBDCs between the two countries. The enhanced cooperation between China and the UAE on CBDCs is expected to further strengthen the economic ties between the two nations. By leveraging the potential of digital currencies, they aim to reduce transaction costs, increase transparency, and enhance the overall efficiency of cross-border payments.
