As a researcher who has closely followed the developments in the fintech and blockchain industry, I am particularly excited about Soramitsu’s latest endeavor to create a blockchain-based bond market gateway for Palau. Having witnessed the success of their central bank digital currency (CBDC) project in Cambodia, which garnered over 10 million accounts by December 2023 and accounted for 60% of the population, I am confident that Soramitsu’s expertise and innovative approach will bring significant benefits to Palau.
A fintech company from Japan is planning to develop a bond market platform based on blockchain technology for Palau. The goal is to initiate a trial run of this system in the year 2024, with a complete launch scheduled for 2025.
According to Nikkei’s latest report, Soramitsu, a prominent fintech firm from Japan, recognized for creating a digital currency for Cambodia’s central bank, intends to establish a blockchain bond market platform in Palau.
According to the report, Soramitsu intends to initiate the marketplace trial in fiscal 2024 for the Palauan government, allowing them to sell bonds to individual investors and effectively manage bond payments, including both principal and interest, during this phase. A complete marketplace launch is anticipated in the following year.
The estimated cost for this project is around half a billion yen, or roughly between $1.2 million and $5.6 million, according to insiders. This is significantly less than what a non-blockchain version would cost. The initiative has garnered backing from Japan’s Ministry of Economy, Trade, and Industry. Moreover, strategic guidance and project management assistance are being provided by Japan’s foreign and finance ministries.
In 2020, Soramitsu’s achievement in creating Cambodia’s central bank digital currency (CBDC) gained significant recognition, as the currency’s usage skyrocketed with more than 10 million user accounts opened by December 2023. This figure represents approximately 60% of Cambodia’s total population. Subsequently, the governor of Cambodia’s central bank, Chea Serey, revealed intentions to broaden the reach of their CBDC beyond national borders. Key collaborations include a partnership with UnionPay International, China’s card payment service, and other international partners.
Although Soramitsu’s initiatives in Cambodia have gained positive responses, it remains uncertain how enduringly CBDCs (Central Bank Digital Currencies) will be accepted in the long run. Notably, India’s digital currency, the e-rupee, experienced a significant drop in usage since late June when local banks halted their practice of artificially boosting its statistics.
Based on reliable sources, the Reserve Bank of India reached a significant achievement of processing one million retail transactions in December last year. However, this success came with some manipulation of metrics. Local banks reportedly provided incentives to retail users and facilitated part of their employees’ salaries through digital currency to boost these numbers.
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2024-07-15 13:42