Bank of China announces MOU with UAE FAB bank on digital currency
According to a recent Chinese media article, the Bank of China announced during The 3rd “Belt and Road” Summit Forum a list of 369 practical cooperation projects of which was an MOU signed with FAB bank of cooperation in digital currency.
The 32nd project listed cited, “Bank of China signed a digital currency cooperation memorandum with the First Bank of Abu Dhabi, and signed a global strategic cooperation memorandum with the Saudi International Electric Power and Water Company. The Industrial and Commercial Bank of China and the Hungarian Ministry of Economic Development signed a memorandum of understanding on cooperation.”
UAE FAB bank, (First Abu Dhabi Bank), recently announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.
This comes as China and the UAE work together on the CBDC Mbridge project which is supposed to launch its MVP (Minimum viable Product) form soon.
In addition the Central Bank of the UAE is also preparing for its on CBDC issuance which is expected sometime in 2024. The Central Bank of UAE as well as The Saudi Central Bank SAMA are working both with R3 on their CBDC projects.
