Japanese blockchain startup Soramitsu is developing a new cross-border payment system project to connect Asian countries.
This project will use Bakong, Cambodia’s CBDC, and fiat-pegged stablecoins. The project targets countries such as India, China, Japan and Southeast Asian regions.
Japanese Blockchain startup Soramitsu studies CBDC for Asian countries
Soramitsu’s work on the project draws on CBDC expertise, such as the Bakong CBDC project in Cambodia and the inclusion of Lao’s Lao modal. Cambodia’s Bakong project is a public-private initiative that offers the ability to pay in stores or send money in the local currency riel or US dollars. Since the beginning of the project, the adoption of Bakong has spread to other regions as well.
The cross-border payment network planned by Soramitsu aims to reduce transaction fees by allowing the conversion of currencies from different countries. At the same time, it is working towards this goal by establishing a Japanese fixed currency exchange. This exchange aims to provide an infrastructure for converting the currencies of different countries.
It is stated that Soramitsu is working with the digital services company Vivit and the Center for Rule Making Strategies at Tama University for this cross-border payment network project and is seeking partnerships with major e-commerce sites. It also collaborates with partners such as Japan’s Mitsubishi UFJ Trust and Banking to build the necessary exchange infrastructure.
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