China, UAE join Thailand and HK in central bank digital currency project

Subhabhong Rarueysong

 

 

BANGKOK (NNT) - 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.

 

-- © Copyright NNT 2021-02-28

 

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I wonder why a picture of a Bitcoin is attached to a topic about digital currency.

 

Done they know that a digital currency and a virtual cryptocurrency are 2 different things?

5 hours ago, Susco said:

I wonder why a picture of a Bitcoin is attached to a topic about digital currency.

 

Done they know that a digital currency and a virtual cryptocurrency are 2 different things?

I think Thailand are about to find that out.

More scams and corruption on the way??

China trying to displace the US Dollar. They have little chance as nobody trusts them. Will be useful for Chinese trying to launder money into Thailand. 

what a bunch of untrustworthy partners. 

29 minutes ago, Fex Bluse said:

Will be useful for Chinese trying to launder money into Thailand. 

 

Everyone knows long time that Chinese are laundering money in Thailand big time, and we also know that the only thing Thailand cares about is foreign money inflow.

 

Looks like a win-win project