- China and the United Arab Emirates have pledged to strengthen the combat towards cryptocurrency-related cybercrime.
- In a joint assertion, they highlighted telecommunications fraud and on-line playing as areas of frequent concern.
- Past safety considerations, the assertion emphasised assist for bilateral commerce and funding partnerships.
China and the United Arab Emirates (UAE) have joined forces and pledged to strengthen their cooperation in a ruthless combat towards cryptocurrency-related cybercrime. This was accomplished via an official joint assertion issued after the state go to of the President of the United Arab Emirates, Mohammed bin Zayed Al Nahyan, to China. State go to of His Highness Sheikh Mohammed bin Zayed Al Nahyan to China.
The joint assertion particularly highlights “fraud in telecommunications networks and on-line playing” as areas of frequent concern. This shared focus suggests a promising future the place each nations are decided to curb unlawful actions that would mine cryptocurrencies.
Equally, each international locations have emphasised their dedication to combating cash laundering, human trafficking, drug trafficking and unlawful immigration, which can sign broader efforts to handle illicit monetary flows that would embody digital belongings.
Whereas the assertion didn’t point out particular laws concentrating on cryptocurrencies, it steered a coordinated strategy by China and the UAE to handle the potential misuse of crypto applied sciences.
Past safety considerations, the assertion emphasised the significance of selling bilateral commerce and funding partnerships. The 2 nations are dedicated to selling commerce, facilitating funding and growing tourism via the Joint Financial and Commerce Committee.
A key facet of the joint assertion was the popularity of central financial institution digital forex (CBDC) in boosting cross-border commerce and funding. The 2 international locations have expressed their dedication to deepen bilateral and multilateral cooperation within the Memorandum of Understanding on Strengthening Central Financial institution Cooperation within the area of digital forex signed by their central banks.
China has praised the UAE for its pioneering efforts in finishing the primary direct cross-border CBDC transaction, “Digital Dirham”, price 50 million dirhams via the “Multilateral Central Financial institution Digital Forex Bridge (mBridge)” platform. This cordial transaction opened up new alternatives for commerce and funding between the 2 nations.
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