- Japanese blockchain startup Soramitsu is exploring new applications for central bank digital currency (CBDC) in the cross-border payment system for Asian countries.
- Soramitsu will deploy Cambodia’s CBDC and fiat-pegged stablecoins as part of its new payment system targeting countries like India, China, Japan, and regions like Southeast Asia.
- The project builds upon Soramitsu’s CBDC expertise, including its involvement in the Asian CBDC project Bakong in Cambodia and Laos’ Lao kip.
- Cambodia’s Bakong, launched in 2020, allows residents to pay at stores or send money through a mobile app using the local currency riel or U.S. dollar. Bakong’s adoption has expanded to countries like Malaysia, Thailand, and Vietnam, with 8.5 million users and around $15 billion in payments.
- Soramitsu plans to establish a Japanese exchange for stablecoins as part of the project, allowing conversions of currencies from diverse countries.
- The payment network aims to reduce transaction fees by implementing stablecoins that can be transferred without going through interbank payment networks.
- Soramitsu has formed a team with Tokyo-based digital services company Vivit and the Tama University Center for Rule-making Strategies to build the cross-border payment network and is looking to partner with major e-commerce sites.
- The startup is working with Japan’s Mitsubishi UFJ Trust and Banking and other partners to create the necessary exchange infrastructure.
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