China, UAE join Thailand and HK in central bank digital currency project
BANGKOK – China and the United Arab Emirates have joined the cross-border digital transaction scheme named Project Inthanon-LionRock, which is a joint project between the Bank of Thailand (BOT) and the Hong Kong Monetary Authority (HKMA).
The central bank digital currency (CBDC) project has now been renamed the Multiple CBDC Bridge (m-CBDC Bridge) after the joining of the People’s Bank of China and the Central Bank of the United Arab Emirates.
This project aim is to alleviate pain points in cross-border fund transfers, such as inefficiencies, high cost and complex regulatory compliance. It will use distributed ledger technology (DLT) to develop a prototype for real-time cross-border foreign exchange transactions on a 24/7 basis. (NNT)