Central Bank Digital Currency

Soramitsu, a SORA technology contributor works closely with Central Banks, developing backbone infrastructure to provide innovative services that empower people, supporting financial inclusivity at all levels.

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SORA is an economic system that seeks to foster productive growth to uplift economies and improve people’s lives

This shared vision is a unique synergy that would allow Central Banks to manage their tokenised assets on the SORA network, taking advantage of the scalability, speed and affordable transaction costs.

A unique SORA feature, XORless swaps already helps users who are just joining the SORA network to bridge their assets into SORA without the need for XOR.

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Empowering Humanity

Supporting Central Banks to manage tokenized assets on the SORA network, leveraging scalability, speed, and cost-effectiveness.

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Unique XORless Swaps

SORA introduces XORless swaps, easing the asset bridging process for new users, eliminating the need for XOR.

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Political Neutrality

The decentralized nature of the SORA network operates independently of national jurisdictions, providing a politically neutral platform for Central Bank Digital Currency (CBDC) transactions.

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Global Remittances

CBDC solution allow Central Banks to bridge their digital currencies to SORA, paving the way for seamless remittances between multiple jurisdictions.

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The SORA network’s decentralized nature is a crucial advantage,

as it operates independently of any national jurisdiction, thus offering a politically neutral platform for CBDC transactions and by providing XORless transfers, allowing on-chain transactions without CBDC holders needing cryptocurrencies to cover fees, Central Bank currencies do not need to face the same issues as those raised using other blockchains such as Ethereum.

Medium article

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Bokolo Cash users will be able to bridge their CBDC tokens to the SORA network,

a decentralised Substrate-based public blockchain network, where they can transfer Bokolo Cash tokens to other users within the network using QR codes through the Fearless Wallet mobile app that is compatible with SORA public blockchain and is also developed by Soramitsu, taking advantage of public blockchain security, availability, and speed.

Within the scope of the PoC, Fearless Wallet is used to simulate cross-border transactions. Because no country owns SORA, it is ideal for central banks to use it without worrying about political exposure. In the future, other central banks could also bridge their CBDCs to SORA, which will aid remittances between multiple jurisdictions.

Soramitsu press release

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