While the region is meant to have a high degree of autonomy until 2047, critics have accused China of increasingly installing pro-Beijing candidates to positions of power.Ĭhina's quest to launch a CBDC is at an advanced stage, with the digital yuan continuing to be rolled out to the masses at pace. Things are a little bit more complicated in Hong Kong. dollar.īack in March, the Central Bank of the UAE announced that it was planning to ramp up its ambitions for a CBDC-with the first phase of a strategy to launch a digital dirham set to be completed by this time next year.īoth the UAE and Hong Kong have already been working together to build mBridge, a new blockchain that supports multiple CBDCs and aims 'to tackle the limitations of today's cross-border payment systems.' Real corporate transactions were conducted as part of a trial. Their focus on cross-border trade settlements could open up the possibility of central bank digital currencies being used-speeding up transfers and reducing costs, as well as a reliance on the U.S. The fintech and Web3 platform Finoverse, which is headquartered in Hong Kong but recently opened an office in Dubai, recently told The National that it expects both regions to cooperate more closely on blockchain technology. Last month, the UAE's Securities and Commodities Authority began allowing crypto firms to apply for operating licenses-and Hex Trust, a crypto custodian based in Hong Kong, was one of the first to receive one.

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