Soramitsu Developing Cross-Border Payment System in Asia Using CBDCs and Blockchain
Japanese fintech firm, Soramitsu, is working on developing a cross-border payment framework for Asian countries, incorporating the central bank digital currency (CBDC) of Cambodia. Cambodia’s CBDC, Bakong, and the Digital Lao Kip from Laos are two Asian CBDCs that Soramitsu has used. By the end of 2022, Bakong had 8.5 million users and a transaction volume of $15 billion. Soramitsu intends to establish an exchange in Japan focusing on stablecoins, and they plan to collaborate with countries like India and China.
- Soramitsu is developing a cross-border payment framework for Asian countries using the CBDC of Cambodia.
- Cambodia’s CBDC, Bakong, has had significant adoption with 8.5 million users and $15 billion in transactions by the end of 2022.
- Soramitsu plans to collaborate with other countries, such as India and China, and integrate Japan into the payment system.
- Soramitsu intends to establish an exchange in Japan focusing on stablecoins.
- Partnerships with entities like Mitsubishi UFJ Trust and Banking are being formed to address complexities in exchanging stablecoins across multiple blockchains.
Hot Take: Soramitsu’s development of a cross-border payment system using CBDCs and blockchain technology has the potential to revolutionize international transactions in Asia. With the adoption and success of Bakong, Soramitsu is well-positioned to expand its payment framework and collaborate with other countries, creating a seamless and efficient payment ecosystem in the region.
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