Soramitsu, a Japanese blockchain startup, is exploring new central bank digital currency (CBDC) applications with a new project on the cross-border payment system for Asia, stated Cointelegraph.
Sources revealed that Soramitsu will use Cambodia’s CBDC and fiat-pegged stablecoins as part of its new payment system. It is believed that they will be targeting countries such as India, China and Japan and regions like Southeast Asia, among others.
It is expected that as a part of the project, Soramitsu has planned to establish a Japanese exchange for stablecoins, which will enable users to convert currencies from diverse countries, Cointelegraph added.
Supposedly, Soramitsu’s planned payment network expects to reduce transaction fees. Furthermore, it is believed that the fee reduction would be enabled by using stablecoins, which can be transferred without going through existing interbank payment networks, Cointelegraph concluded.
(With insights from Cointelegraph)