China and the UAE will commit to deepening bilateral and multilateral cooperation on CBDCs
2024-06-03 05:19:19
China and the United Arab Emirates (UAE) have acknowledged the important role of central bank digital currencies (CBDCs) in facilitating cross-border trade and investment. In a joint statement, the two countries expressed their commitment to deepening bilateral and multilateral cooperation between the two countries on CBDCs. The Chinese side also expressed appreciation for the UAE's recent use of CBDCs, or digital dirhams, for direct cross-border transfer transactions. The transaction, valued at 13.60 million dollars (50 million dirhams), was conducted with an Asian country through the multilateral CBDC bridging platform. This development is expected to enhance trade and investment facilitation between the two friendly countries.
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