China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies

Quick Summary:

The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies.

Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements.

The Hong Kong-based publication also remarked that the experiment could undermine the role of the U.S.dollar in foreign trade if banks could settle directly without the greenback.

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Article Details

Author / Journalist: Lubomir Tassev

Category: Crypto

Markets: JapanChinaHong KongOmanRussian FederationThailandUkraineUnited Arab Emirates

Topics: Digital Yuan Cross border BIS Thailand Digital Currencies Settlements Payments Digital Currency CBDC UAE International trade Monetary authorities Finance Central Banks CBDCs Trade

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-29 @ 17:30:49 (4 months ago)

News Timezone: GMT +8:00

Ranking: #1944 (out of 3348 stories this day)

News Source URL: news.bitcoin.com

Language: English

Article Length: 499 words

Reading Time: 3 minutes read

Sentences: 31 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoin News

News ID: 624301

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About Bitcoin News

Main Topics: Crypto

Official Website: news.bitcoin.com

Update Frequency: 6 posts per day

Year Established: 2008

Headquarters: Japan

News Last Updated: 8 hours ago

Coverage Areas: Japan

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #62

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