December 11, 2023
By Sharan Kaur Phillora
In a significant development in the digital currency arena, Boyaa Interactive International, a prominent online card and board game developer headquartered in Hong Kong, has announced a bold venture into the cryptocurrency domain. With its roots dating back to 2004 and its listing on the Hong Kong Stock Exchange in 2013, Boyaa Interactive has been a key player in the gaming industry, boasting popular titles like Texas Hold’em and Chinese Chess.
Here’s what we know:
The company’s recent announcement revealed plans to invest $100 million in cryptocurrencies. This investment will primarily focus on Bitcoin (BTC) and Ethereum (ETH), with a smaller portion dedicated to stablecoins. The allocation strategy envisages dedicating $45 million each to Bitcoin and Ethereum, while the remaining $10 million will be channeled into stablecoins such as Tether (USDT) and USD Coin (USDC). This strategic move is pending shareholder approval and is expected to unfold over the next 12 months.
Parallel to this development, the financial partnership between China and the United Arab Emirates (UAE) has been further solidified with the renewal of their bilateral currency swap agreement. The Central Bank of the UAE and the People’s Bank of China have renewed this $4.9 billion agreement for five years. This renewal, signed in Hong Kong, aims to enhance financial and economic ties between the two nations.
Moreover, the two countries have also embarked on a significant $400 million cooperation memorandum focusing on Central Bank Digital Currencies (CBDC). This memorandum, which signifies a deepening of the financial collaboration between China and the UAE, highlights the increasing prominence of digital currencies in global financial transactions and trade.
These developments underscore a growing trend in integrating digital currencies into mainstream financial systems and the increasing importance of strategic partnerships in digital finance.
The significant investment by Boyaa Interactive in cryptocurrencies and the strengthened financial ties between China and the UAE through their CBDC agreement reflect a broader shift towards embracing digital currencies in global trade and finance. This trend is likely to have far-reaching implications for the companies and countries directly involved and the global financial landscape as it increasingly moves towards digitalization.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.