Soramitsu aims to connect Asian countries with digital currency payments

by Aug 10, 2023CryptoNews0 comments

Soramitsu, a Japanese blockchain company, is working on a new project that will use digital currencies to facilitate cross-border payments in Asia. The project will involve Cambodia’s central bank digital currency (CBDC) and stablecoins pegged to fiat currencies.

The project is based on Soramitsu’s previous experience with CBDCs, such as the Bakong project in Cambodia and Laos. Bakong is a platform that allows users to make payments using local currency or the U.S. dollar through a mobile app. Bakong has been adopted by several countries in the region, such as Malaysia, Thailand, and Vietnam. It has over 8.5 million users and handles about $15 billion in payments per year.

Soramitsu plans to expand the scope of Bakong to other countries, such as India, China, and Japan. The company also intends to set up a Japanese exchange for stablecoins, which will enable users to convert different currencies easily. For example, a user in Thailand could pay for a product from a Japanese e-commerce site using a dollar-backed Bakong, which would be converted to a yen-backed stablecoin at the exchange.

One of the benefits of Soramitsu’s payment network is that it could reduce transaction costs by using stablecoins, which do not require intermediaries or existing payment systems. Soramitsu has partnered with Vivit, a digital services company, and the Tama University Center for Rule-making Strategies to develop the project. The company is also seeking collaboration with major e-commerce sites and Japan’s Mitsubishi UFJ Trust and Banking.

Soramitsu did not respond to Cointelegraph’s request for comment at the time of writing

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