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Milestone Transaction at Central Bank of UAE and China’s Anniversary Celebration
In a groundbreaking move, the United Arab Emirates and China executed their first cross-border CBDC transaction, valued at $13.6 million. The transaction took place during the Central Bank of UAE’s 50th-anniversary celebration in Abu Dhabi, introducing digital currencies to multilateral financial exchanges.
VIP Presence: UAE and China Vice President and Ambassador Lead the Way
The event witnessed the presence of high-ranking officials from both nations, including Vice President and Deputy Prime Minister of the UAE Mansour bin Zayed Al Nahyan and Chinese Ambassador to the UAE Zhang Yiming. Mansour and Zhang jointly initiated the cross-border payment, marking the first real-time transaction on the m-CBDC Bridge.
Project mBridge: Transforming Cross-Border Transactions
Project mBridge, a multinational digital currency platform, aims to revolutionize cross-border transactions. Founded by the Bank for International Settlements, with participation from central banks, including the UAE and China, the mBridge platform utilizes the mBridge Ledger to enhance the efficiency of international trade.
Digital Yuan’s Expansion: Hong Kong as the Next Frontier
A recent report reveals that the Digital Currency Research Institute of the People’s Bank of China and the Hong Kong Monetary Authority are collaborating to enhance the digital yuan’s cross-border capabilities. The focus is on small-scale remittances between Mainland China and Hong Kong.
Streamlining Cross-Border Transactions: Hong Kong’s Initiatives
Efforts are underway to simplify digital yuan wallet usage for Hong Kong residents, introducing cross-border remittances to improve transaction efficiency. The integration of digital yuan with Hong Kong’s payment systems aims to expand merchant acceptance, streamline cross-border e-commerce, and facilitate educational payments.
This historic cross-border CBDC transaction signifies a significant leap toward the global adoption of digital currencies, showcasing the potential for streamlined and efficient international financial transactions.
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