China and UAE central banks explore CBDC for cross-border payments

The central banks of China and the United Arab Emirates are joining their counterparts in Thailand and Hong Kong on a CBDC project investigating cross-border foreign currency payments.

The Multiple CBDC (m-CBDC) project will see a proof-of-concept prototype developed designed to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple jurisdictions, operating 24/7. 

It will analyse business use cases in a cross-border context with both domestic and foreign currencies.

Source: Finextra

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