🇨🇳 China and 🇮🇳 India are among the targets of a new cross-border CBDC project developed by the 🇯🇵 Japanese blockchain startup Soramitsu.
, Cambodia’s Bakong is a public-private initiative allowing Cambodian residents to pay at stores or send money through a mobile app using the local currency riel or U.S. dollar. Since launch, Bakong’s adoption has expanded to countries like Malaysia, Thailand and Vietnam. By late 2022, Bakong reportedly had 8.5 million users and handled around $15 billion in payments.
As part of the project, Soramitsu plans to establish a Japanese exchange for stablecoins, which would allow conversions of currencies from diverse countries, the report says, adding: One of the features of Soramitsu’s planned payment network is anticipated reduction in transaction fees. According to the firm, the fee reduction would be enabled through implementing stablecoins, which can be transferred without going through existing interbank payment networks.To build the cross-border payment network, Soramitsu formed a team with Tokyo-based digital services company Vivit and the Tama University Center for Rule-making Strategies.
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