The Central Bank of the United Arab Emirates and the Digital Currency Institute of the People’s Bank of China have joined the Hong Kong Monetary Authority and the Bank of Thailand for the second phase of their project to develop a central bank digital currency (CBDC) for cross-border payments, according to a joint statement issued on 23 February. The project, the “Multiple Central Bank Digital Currency (m-CBDC) Bridge will develop a proof-of-concept prototype to facilitate real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis. The stated aim of the project is to address pain points in conducting cross-border transfers which include cost inefficiencies and the complex regulatory issues involved in cross-border fund transfers.
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