The central banks of Hong Kong and the United Arab Emirates are strengthening financial cooperation and working on regulating virtual assets. Cross-border trade settlements and financial infrastructure were discussed during a recent bilateral meeting, with a focus on blockchain technology. This could lead to the use of central bank digital currencies in their cross-border transactions. The UAE is already planning to launch a digital dirham soon, while HK is piloting an electronic form of the Hong Kong dollar. Both regions have been working on building a new blockchain that supports multiple CBDCs to tackle the limitations of today's payment systems.

Source: Decrypt

Original Link: https://decrypt.co/142834/hong-kong-uae-central-banks-coordinate-on-crypto-regulations