- China and UAE pledged to fortify the battle towards crypto-related cybercrime.
- In a joint assertion, they highlighted telecom fraud and on-line playing as areas of mutual concern.
- Along with safety considerations, the assertion confused supporting bilateral commerce and funding partnerships.
China and the United Arab Emirates (UAE) have united their forces, pledging to fortify their cooperation within the relentless battle towards cybercrime linked to cryptocurrency. This got here by way of an official joint assertion launched following UAE President Mohammed bin Zayed Al Nahyan’s state go to to China. His Highness Sheikh Mohammed bin Zayed Al Nahyan’s state go to to China.
Particularly, the joint assertion highlights ‘telecommunications community fraud and on-line playing’ as areas of mutual concern. This shared focus suggests a promising future the place each nations are decided to curb unlawful actions which may exploit cryptocurrencies.
Equally, the 2 international locations highlighted their dedication to combating cash laundering, human trafficking, drug trafficking, and unlawful immigration, doubtlessly signaling a broader effort to handle illicit monetary flows that would contain digital belongings.
Whereas the assertion doesn’t point out particular rules focusing on cryptocurrency, it suggests a coordinated method by China and the UAE to handle potential misuse of crypto applied sciences.
Along with safety considerations, the assertion confused the significance of supporting bilateral commerce and funding partnerships. The 2 nations pledged to advertise commerce, facilitate funding, and develop tourism via the Joint Financial and Commerce Committee.
A key facet of the joint assertion was the popularity of central financial institution digital foreign money (CBDC) in enhancing cross-border commerce and funding. Each international locations expressed their dedication to deepening bilateral and multilateral cooperation underneath the Memorandum of Understanding on Strengthening Central Financial institution Digital Forex Cooperation, signed by their central banks.
China praised the UAE for its pioneering effort in finishing the primary direct cross-border CBDC transaction, the “Digital Dirham,” valued at 50 million dirhams via the “Multilateral Central Financial institution Digital Forex Bridge (mBridge)” platform. This milestone transaction has opened new alternatives for commerce and funding between the 2 nations.
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