Japanese blockchain firm Soramitsu will undertake feasibility studies for central bank digital currencies (CBDC) with both Vietnam and the Philippines.
According to Ledger Insights, Soramitsu also confirmed later that it will work with Fiji as well, and the projects are in conjunction with the Japanese Ministry of Economy, Trade and Industry.
Ledger Insights remarked that Soramitsu is establishing a ‘considerable footprint’ in Southeast Asia following its successful implementation of Cambodia’s Bakong project in 2020.
Prior to this study, Vietnam – which has a low dollarisation rate – has been targeting de-dollarisation. Last year, the Vietnam government instructed its central bank to pilot a CBDC using blockchain technology. The Philippines, meanwhile, has been working on a wholesale CBDC project itself.
The government of Bangladesh recently revealed it will conduct a feasibility study to introduce a central bank digital currency (CBDC) in the country.
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