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BREAKING: ๐ญ๐ฐ Hong Kong and ๐ฆ๐ช UAE Central Banks Unveil Groundbreaking Partnership for #Crypto Regulations ๐ฅ
A thread ๐งต
A thread ๐งต
1/ The central banks of ๐ญ๐ฐ Hong Kong and ๐ฆ๐ช United Arab Emirates (UAE) are joining forces to revolutionize the world of virtual assets ๐
2/ Imagine a future where cross-border trade settlements are lightning-fast, cost-effective, and not reliant on the U.S. dollar.
3/ In an epic bilateral meeting in Abu Dhabi, these financial powerhouses discussed financial infrastructure, trade settlements, and brace yourselves... CENTRAL BANK DIGITAL CURRENCIES (#CBDC) ๐ต
4/ Just last month, the UAE's Securities and Commodities Authority opened the doors for #crypto firms to apply for licenses.
๐ One of the first to receive this monumental approval was Hex Trust, a ๐ญ๐ฐ Hong Kong-based crypto custodian ๐ฆ
๐ One of the first to receive this monumental approval was Hex Trust, a ๐ญ๐ฐ Hong Kong-based crypto custodian ๐ฆ
5/ The Hong Kong-headquartered fintech and Web3 platform, Finoverse, predicts that these regions will collaborate even more closely on blockchain technology.
6/ Their focus on cross-border trade settlements might just pave the way for the use of #CBDC!
๐ Faster transfers, lower costs, and a new era of financial independence are on the horizon!
๐ Faster transfers, lower costs, and a new era of financial independence are on the horizon!
7/ Get ready for a digital dirham ๐ฆ๐ช
๐ The Central Bank of the UAE is charging full speed ahead with its ambitions for a #CBDC.
๐ Phase one of the strategy to launch a digital dirham is set to be completed within the next year.
๐ The Central Bank of the UAE is charging full speed ahead with its ambitions for a #CBDC.
๐ Phase one of the strategy to launch a digital dirham is set to be completed within the next year.
8/ Hong Kong and the UAE are already collaborating on building mBridge, a cutting-edge blockchain that supports multiple #CBDC and aims to revolutionize cross-border payments.
9/ Now, let's address the elephant in the room: Hong Kong's complicated situation.
๐ With China's influence growing, critics claim that pro-Beijing candidates are taking control.
๐ With China's influence growing, critics claim that pro-Beijing candidates are taking control.
10/ Although the digital yuan won't be making its way to Hong Kong anytime soon, the city's monetary authority is launching a pilot for an electronic form of the Hong Kong dollar.
11/ The stage is set, the players are in position, and the #crypto revolution is underway!
๐ Hong Kong and the UAE are forging a historic partnership that will reshape finance as we know it.
๐ Hong Kong and the UAE are forging a historic partnership that will reshape finance as we know it.
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https://twitter.com/cryptokingkeyur/status/1663891289291751424
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