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First Abu Dhabi Bank, Bank of China sign digital currency agreement
October 19, 2023
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A Chinese Belt and Road Summit released a list of foreign cooperation agreements. Amongst them were two related to digital currency. The state-owned commercial Bank of China (BoC) has signed a cooperation agreement with UAE’s largest bank, First Abu Dhabi Bank (FAB). 

Additionally, the People’s Bank of China signed a digital currency agreement with the Central Bank of the UAE. The two central banks already collaborate on the mBridge  project for cross border payments alongside the BIS, and the central banks of Thailand and Hong Kong. 

The Belt and Road announcement also mentioned a collaboration with the Bank of Indonesia, but it was unclear whether that related to digital currency. Indonesia has an active digital rupiah program.

The UAE’s advisor on digital currency, Shu-Pui Li, discussed the potential for collaboration at an mBridge event last year. He noted that Chinese companies prefer to pay using the eCNY (digital yuan), and UAE corporates are happy to receive it. That explains the rationale for the BoC-FAB tie-up. Additionally, 300,000 Chinese nationals work in the UAE, and 60% of Chinese trade with the Middle East and North Africa passes through the UAE.

Li also mentioned the Belt and Road initiative, noting the potential to use CBDC for infrastructure payments, cutting out intermediary banks. That saves costs and prevents delays. There’s also the recent use of Swift for sanctions purposes, something China fears. “We cannot tolerate any disruption. At the moment, we see that’s happening,” said Mr Li.

The Bank of China is one of the few commercial banks with direct access to the digital yuan CBDC. Smaller banks have to go through the connected banks.

The UAE’s digital currency, CBDC plans

Meanwhile, last week FAB said it completed a pilot of JP Morgan’s Coin Systems solution

In early 2023 the UAE announced plans for comprehensive central bank digital currency (CBDC) work – retail, wholesale and cross border CBDC.

The mBridge cross border payment project is the number one priority in its program. Next is a bilateral cross broder CBDC project with India. And finally, it is planning proofs of concept for both domestic and wholesale CBDC to be completed by mid-2024. It partnered with R3 for the domestic work.

It’s not surprising that cross border CBDC work is important, given the UAE’s large migrant workforce.

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

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The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

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The National Conference of State Legislatures expressed similar concerns in early June, stating:

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Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

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This closes the gap that killed STOs in 2018.

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UAE is doing what Switzerland, Singapore, and Europe still haven’t:

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Matthew White, CEO of VARA, said it perfectly:

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He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
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Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
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Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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