China announces the launch of a research project on digital currency in cooperation with the UAE and Thailand

China announced Wednesday that the central banks of China, the United Arab Emirates, Thailand and the Hong Kong Monetary Authority have launched the Central Bank multi-digital currency bridge project; This is to study the application of this project in the areas of cross-border payment.

The Chinese central bank said, in a statement today, that the participants will evaluate the feasibility of applying the multi-digital currency bridge to central banks in transferring cross-border capital, settling international trade and foreign exchange transactions, and other issues.

The statement added that the research project will provide an enabling environment for more central banks in Asia and other regions to conduct research on enhancing the ability of cross-border payment to solve problems such as lack of efficiency, lack of transparency and high costs.