Thailand and UAE join China’s global digital currency push

BEIJING — China’s central bank said Wednesday it has joined its counterparts in Thailand and the United Arab Emirates to study the use of digital currencies in cross-border payments, a move that puts it closer to setting the global rules for international transactions handled in national virtual currencies.

This is an expansion of a testing project being conducted by the People’s Bank of China and the Hong Kong Monetary Authority, which is the territory’s central banking institution.

The four participants will explore blockchain technology with the goal of building a system that will handle overseas transfers in digital currencies issued by central banks as well as perform transaction settlements.

China has conducted real-world trials of its digital yuan in major cities. The government plans to make the e-currency recognized as legal tender, which could be issued officially by…