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crypto

Crypto Crime Busters: China, UAE Vow To Combat Telecom Fraud And Online Gambling

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

China and the United Arab Emirates (UAE) have formed a strategic agreement to fight cybercrime utilising cryptocurrencies in a gesture implying a worldwide change.

Related Reading: Binance Boss Behind Bars: Former CEO Starts Prison Sentence For Dirty Money

Joint Effort Against Crypto Crime

This alliance highlights the growing requirement of worldwide cooperation in the Wild West of digital money amid a spike in crypto fraud activities in Hong Kong.

Targeting particular sectors like telecom fraud and online gambling, the agreement, presented in a joint statement following UAE President Mohammed bin Zayed Al Nahaney’s visit to China,

Beyond crypto-crime, both countries pledge to fight money laundering, human trafficking, and other illegal activity utilising digital assets, so transcending their cooperation.

Although the statement does not specify certain bitcoin rules, it implies a coordinated strategy to stop the use of these technologies from being abused. This might open the path for a worldwide crypto governance structure.

Still, the cooperation is not just driven by security issues. The paper highlights how Central Bank Digital Currencies (CBDCs) can transform trade and investment across borders. Building on a signed Memorandum of Understanding, both nations intend to enhance their cooperation on CBDC development.

Bitcoin is now trading at $68,943. Chart: TradingView

UAE Pioneers Cross-Border CBDC

Notable is the UAE’s innovative approach in finishing the first-ever cross-border CBDC transaction via the mBridge system. With a potential game-changing alternative to the current Swift payment mechanism, this historic 50 million dirham transfer marks This could result, according to experts, a future with split regional payment systems.

This advancement fits with current initiatives of Hong Kong’s Monetary Authority (HKMA). Testaments to the growing worldwide curiosity in CBDCs include their mBridge and e-HKD projects.

Expected to start by mid-2024, the mBridge project could present a quicker, less expensive substitute for cross-border transactions, therefore possibly affecting established financial institutions.

A major first towards a more controlled and safe bitcoin scene is the China-UAE collaboration. Their working on CBDCs points to a time when digital currencies will be central in global banking.

Related Reading: Coinbase Vs. Big Brother: Exchange Accuses SEC Of Trying To Kill Crypto

This cooperation could represent a future in which security and innovation live together as the digital asset ecosystem develops.

Featured image from TechCentral, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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