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- 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 issues, 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 through 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 that may exploit cryptocurrencies.
Equally, the 2 nations highlighted their dedication to preventing cash laundering, human trafficking, drug trafficking, and unlawful immigration, doubtlessly signaling a broader effort to deal with illicit monetary flows that would contain digital property.
Whereas the assertion doesn’t point out particular rules focusing on cryptocurrency, it suggests a coordinated method by China and the UAE to deal with potential misuse of crypto applied sciences.
Along with safety issues, the assertion confused the significance of supporting bilateral commerce and funding partnerships. The 2 nations pledged to advertise commerce, facilitate funding, and develop tourism by the Joint Financial and Commerce Committee.
A key side of the joint assertion was the popularity of central financial institution digital forex (CBDC) in enhancing cross-border commerce and funding. Each nations expressed their dedication to deepening bilateral and multilateral cooperation below 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 by 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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