Thailand and Hong Kong enter a joint agreement to leverage digital currencies for cross-border transfers


  • Digital currencies are going to be used by Thailand and Hong for faster payments.
  • The project comes after a relationship was established between the HKMA and the Bank of Thailand in May.

 

Thailand and Hong Kong have announced a joint agreement to leverage digital currencies for the facilitation of quicker payment in bilateral trade. 

As per reports, the two nations have entered an agreement for the rolling out of a two-tier digital token, as part of the process to create a prototype for cross-border transfers. 

The initiative has been dubbed Project LionRock-Inthanon and the first tier involves the issuance of a crypto token to participating banks.

According to the Hong Kong Monetary Authority (HKMA), the second tier will involve the banks distributing these crypto tokens to their corporate customers for settling wholesale payments. The fintech collaboration between the HKMA and the Bank of Thailand was established in May.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

More Bitcoin News

UNI ready for a bullish assault, once $5.7 is cleared

UNI, the native token of a popular DeFi project Uniswap, rebounded from the support of $4.7 to trade above $5.5 during early Asian hours. By the time of writing, the token retreated to $4.9.

More Uniswap News

BNB full-blown sell signals aim for $22

Binance Coin had a particularly yielding trading period at the beginning of September. Although BNB showed signs of ascending to new yearly highs, the uptrend stalled at $33.50. 

More Binance Coin News

Bitcoin gets back in the game

This weekend saw one attempt by Bitcoin to break the $11000 barrier by taking advantage of the gap that Ethereum left with its sudden attempt to reach the $400 price level.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP