CandleFocus 3 Central Banks Forge New Path in Cross-Border Digital Asset Innovation
2024-11-02
Author: Content Editor
The Hong Kong Monetary Authority (HKMA) has announced partnerships with the Bank of Thailand and Brazil's Banco Central do Brasil (BCB) to explore the integration of central bank digital currencies (CBDCs) for cross-border transactions. The collaboration with the Bank of Thailand aims to facilitate trade payments and manage carbon credits using Payment versus Payment (PvP) and Delivery versus Payment (DvP) scenarios. The partnership with Banco Central do Brasil will explore PvP and DvP transactions across international borders using Brazil's CBDC, Drex. The HKMA sees these partnerships as significant steps towards modernizing cross-border finance through digital assets infrastructure.
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