Hey, crypto-people!
One recent news from Japan is about a blockchain company called Soramitsu. It has partly become more famous by assisting the government of Cambodia and its central bank to make a "quasi-digital currency" called Bakong.
In Cambodia, the digital currency Bakong became a success, with 8.5 million users handling transactions worth billions. The company collaborates also with central banks in Laos, Vietnam, and the Philippines. Despite this, many in the banking sector remain unfamiliar with Soramitsu.
Since Bakong, Soramitsu has leaped into more projects across Southeast Asia — often with the backing of Japanese public funds. Of its two CBDC projects, currently at the proof-of-concept stage, Digital Lao Kip is further along. It was trialed this year following an initial feasibility study funded by aid organization Japan International Cooperation Agency. Also, this August, Soramitsu received a grant from Japan's powerful economy ministry to develop a proof of concept for a digital currency in the Solomon Islands.
Despite its growing influence, working on projects in Laos, Vietnam, and the Philippines, and partnerships with large entities like Mitsubishi UFJ Trust and Banking Corporation, Soramitsu remains relatively obscure. It currently operates with around 150 employees globally and has garnered the support of Japanese government grants for its initiatives in digital currency, boasting a revenue of approximately $20 million in 2022.
What is your impression of Soramitsu, and do you think it is good or bad that a blockchain company supports governments in making digital public currencies?
Thanks for reading. You can support and reward my writing via:
Pay Pal — [email protected]
Algo — NCG6LBALQHENQUSR77KOR6SS42FGK54BZ5L2HFDSBGQVLGYIOVWYDXFDI4
ADA — addr1q9vfs6nqz4xmtnpljwhv4tukyskd2g7enxd87rpugkwwvfun5pnla5d5tes2mvurrc77e7837yd0scrfk063qlha8wgs8d4ynz
Bitcoin 3HbxyDXE9MhNQ8RqsirqgYvFupQzh5Xby2
ETH — 0x8982cdb97bd23f092f78a16a4fc93c5c4607a285
Seeds — vladlausevic
Skycoin — ZxjhWMJRbTNCRQzy5MekZzH4fhdWFCqBP8
Tezos — tz1QrRzkTAKuPKF8dmGW6c1ScEHBUGvoiJBM
