Will Asian Common Digital Currency Come Out? Hong Kong, Thailand, UAE and China joined hands

[Digital Today Reporter Hyunwoo Choo] Major Asian central banks, including Hong Kong and Thailand, joined hands to issue common digital currencies.

According to data from the Hong Kong SAR government released on the 23rd (local time), the Hong Kong Monetary Authority, the Bank of Thailand, the UAE Central Bank, and the People’s Bank of China Digital Monetary Research Institute (DLT) It was decided to cooperate with each other in the currency (m-CBDC) development project.

This project, called the m-CBDC Bridge Project, is known as a joint project to develop wholesale CBDC for cross-border payments and remittances.

Hong Kong, Thailand, UAE, and the Central Bank of China have maintained mutual cooperation to establish a multinational foreign exchange settlement and transaction system since 2019, and they plan to actively develop common digital currency in Asia through this m-CBDC bridge project.

Specifically, it aims to establish a DLT-based interoperable financial infrastructure for each country, and based on this, to provide various services for cross-border money transfer, international trade settlement, and capital market transactions.

Through this, it aims to improve efficiency, such as removing inefficiencies, easing regulations and procedures, and reducing costs.

“The four countries have decided to provide a network for cross-border remittance and settlement, and to cooperate with each other on detailed projects,” said Supapongse, Vice President of the Bank of Thailand. We look forward to creating an environment.”

Partnership with SBI and JPMorgan, India for anti-China routes

Meanwhile, India, which is pursuing anti-China routes, joined hands with the United States.

The State Bank of India (SBI), India’s largest state-run bank, has signed a cross-border payment network alliance agreement with JPMorgan Bank, according to the Bitcoin Exchange Guide on the 23rd (local time). India SBI is thus registered as a member of JPMorgan’s blockchain-based payment network Liink.

SBI Vice-Governor Benkat Nazeswar said, “To keep pace with the trend of digital transformation, SBI has formed a strong network in the digital payment field. We will provide better customer service and convenience through cooperation with JPMorgan.”

Link, developed by JPMorgan in 2017, is a blockchain-based payment network that includes more than 400 financial institutions and companies from 78 countries around the world as members. Of the top 50 banks in the world, 27 are subscribed to the link. SBI will be listed as India’s first Link member.