Vietnam sets out blockchain strategy with goal of regional leadership by 2030

Japanese Startup Drives Asian Digital Payment Network InitiativeSoramitsu, a pioneering fintech developer from Japan that focuses on blockchain-based solutions, is spearheading an initiative aimed at constructing a seamless cross-border payment system for Asian countries.Photo by Conny Schneider on UnsplashCBDC project involvementAt the core of this emerging international network is Cambodia’s central bank digital currency (CBDC), Bakong, which has garnered increasing attention for its potential to revolutionize digital payments within the region.Soramitsu has played a pivotal role in facilitating the issuance of Asian CBDCs, supporting both Cambodia’s Bakong and Laos’ Digital Lao Kip. Notably, Bakong has already demonstrated its prowess by facilitating QR code-based digital transactions between Cambodia and neighboring nations such as Malaysia, Thailand, and Vietnam. As of the close of 2022, Bakong boasts an impressive user base of 8.5 million individuals and has facilitated approximately $15 billion in payments.Replicating Cambodian CBDC successTokyo-based news outlet Nikkei reported on Tuesday that the firm’s strategic focus is now on replicating the success of Bakong by enabling comparable cross-border payments between India, China, Laos, and potentially Japan. To this end, Soramitsu’s initial step involves establishing a dedicated Japanese exchange platform for stablecoins.The envisioned system would enable streamlined transactions between countries, converting payments denominated in one CBDC to a stablecoin pegged to the recipient’s currency.Low transaction feesA key advantage of this innovative framework lies in its remarkably low transaction fees. By circumventing conventional interbank networks and intermediary banks, stablecoins can be directly transferred with minimal overhead costs.Although the precise fee structure for the stablecoin exchange remains under consideration, Soramitsu envisions a nominal charge, likely in the range of tens of yen per transaction — a fraction of the cost associated with conventional cross-border transfers.While exchanging stablecoins issued on the same blockchain is straightforward, the challenge arises when dealing with stablecoins issued on disparate blockchains. Soramitsu is actively collaborating with Mitsubishi UFJ Trust and Banking, one of the world’s largest financial services groups, and other prominent partners in Japan to develop the intricate exchange infrastructure necessary to facilitate such cross-blockchain transactions.Japan’s payment landscape received a significant boost in June with the implementation of revisions to the payment law, enabling banks to issue stablecoins. In line with these regulatory changes, local startup JPYC and regional banks are poised to launch yen-denominated stablecoins, some of which are anticipated to debut by 2024.Soramitsu’s vision for constructing a robust cross-border payment network has culminated in the formation of a dedicated project team. Collaborating with Tokyo-based digital services firm Vivit and the Tama University Center for Rule-making Strategies, Soramitsu is also exploring partnerships with major e-commerce platforms to maximize the network’s reach and impact.The underlying motivation is to harness the potential of CBDCs and stablecoins to bridge the gap between Japanese small and medium-sized enterprises and individuals and businesses in Southeast Asia. Given the region’s high smartphone penetration and limited access to traditional banking services, this initiative could prove transformative, granting previously underserved populations greater financial inclusion.

Com2uS Integrates Summoners War: Chronicles into Blockchain Mainnet XPLASouth Korean game developer Com2uS announced today the onboarding of its massively multiplayer online role-playing game (MMORPG) called Summoners War: Chronicles on Com2uS’ blockchain mainnet XPLA.Photo by Muha Ajjan on UnsplashOwnership and rewardsWhat sets Chronicles apart is its play-to-own (P2O) service, allowing players to own in-game assets and be rewarded for their time and efforts. This is made possible through a system of tokenomics, enhancing the overall gaming experience.Since its global launch in March of this year, Chronicles has garnered significant recognition and popularity due to its sophisticated strategy gameplay and abundant content. Now, with its integration into the XPLA blockchain, the game aims to establish itself as an AAA title within the blockchain gaming market.Three in-game currenciesThe game’s P2O system is pillared by three in-game currencies: Rahild, Mileage, and Xlium. Players can earn Rahild by trading items, participating in events, and accomplishing challenging tasks. Rahild can then be exchanged for Mileage and other valuable items. Mileage, on the other hand, can be traded for Xlium, which can be further converted to XPLA, the native token of the blockchain, through XPLA GAMES Wallet.A Com2uS official said that the introduction of Chronicles on the XPLA mainnet opens up a world of exciting gaming experiences for both existing players and newcomers exploring the Web3 gaming realm. Players will not only be able to explore multiple ways to grow their characters but also have the chance to earn rewards for their gameplay. The game’s improved economic system will ensure that all users can make progress. Com2uS looks forward to taking this opportunity to help its flagship game succeed in the global blockchain game market.

Former SoftBank Executive Launches Stablecoin in Abu DhabiAkshay Naheta, a former executive from SoftBank, known for his involvement in some of the firm’s most significant deals, is embarking on a new venture in Abu Dhabi, focusing on stablecoins.Photo by Mathilde Cureau on UnsplashDRAM Trust partnershipThe 42-year-old financier has established Distributed Technologies Research (DTR) within Abu Dhabi’s international financial free zone. The firm has partnered with Hong Kong-based DRAM Trust, an entity with connections to a pool of high-net-worth individuals.Together, the firms aim to tap into the stablecoin market, which analysts at Bernstein predict will surge more than twenty-fold, reaching $2.8 trillion within the next five years. While the vast majority of stablecoins are pegged to the US dollar, DRAM coins will have backing from the United Arab Emirates dirham.Targeting high-inflation countriesThis peg to a relatively stable currency like the dirham offers greater security for individuals residing in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, it presents an alternative to the SWIFT system. While the dirham currently plays a minor role in the global economy, it has recently gained prominence as a petro-currency.“Our main focus is the unbanked and under-banked in these nations,” Naheta explained in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this,” he added.Naheta previously worked as a trader at Deutsche Bank. He had played a central role in some of SoftBank’s most notable deals during his tenure. Notably, he pitched the sale of chip designer Arm to semiconductor giant Nvidia. He also led a $4 billion investment in Nvidia in 2017, generating a $3 billion profit.Since his departure from SoftBank last year, Naheta has been actively involved in various fintech projects, with the UAE serving as his base of operations.Growing stablecoin circulationStablecoins have been in existence for nearly a decade. However, their primary use has been for trading purposes to facilitate the movement of digital assets between exchanges, and their adoption in consumer payments has been limited. Currently, there are approximately $124 billion worth of stablecoins in circulation, with Tether’s USDT being the largest, followed by the Circle-issued USDC.Supporters of stablecoins view them as a superior means of achieving cost-effective and instant money transfers and payments. Nevertheless, they have encountered resistance from central banks worldwide, which are actively developing their own central bank digital currencies (CBDCs).DRAM coins will be accessible on decentralized automated market makers, including Uniswap, Sushiswap, and Pancakeswap. Additionally, the team plans to collaborate with centralized exchanges in the near future, as revealed by Naheta.UAE ‘the new Switzerland’The former SoftBank executive anticipates significant demand for DRAM coins in the UAE, where a sizable expatriate population resides. Furthermore, the country is situated close to several high-inflation nations in Africa, the Middle East, and Asia.“I’m extremely bullish on the UAE,” Naheta stated. “It’s the new Switzerland — geopolitically neutral, a great transportation hub and a top tourism destination.”