The Venom Foundation has issued a public call to central banks and financial supervisors in Southeast Asia to collaborate on developing in accordance with digital financial systems. The initiative is intended to adapt to national priorities and to promote regional interoperability with the help of blockchain infrastructure.
The foundation focused on the most important institutions, including the monetary authority of Singapore, Bank Negara Malaysia, Bangko Sentral NG Pilipinas and the State Bank of Vietnam. It sketched his proposal for a sovereign-compatible low-0-blockchain designed to support cross-border payments, real-time settlements and on scale for regulations.
Southeast -Asia experiences rapid growth of digital payments, expected to reach 765 billion transactions by 2027. The Philippines only represented 4.75% of the worldwide inflow of oversides in 2023. Despite this, many payment systems in the region remain fragmented, with limited interoperability and slow settlement processes.
Venom’s Layer-0 blockchain infrastructure, already operational, is positioned as a solution to modernize public financial systems. It supports various institutional use cases, including the issue of Stablecoin. A Stablecoin, USDV, supported by USD, is currently active, with plans to extend to local currency-based Stablecoins in the region. The platform complies with ISO 20022, which makes integration possible with existing financial systems and legal requirements.
Pilot programs are already developing in the Philippines with local financial institutions. A broader regional rollout is planned for 2025, aimed at a special settlement layer for cross-border Stablecoin transactions between banks and government entities. To support these efforts, Venom offers modular tools, including digital identity systems, functions for compliance functions on chains, analysis api’s for regulators and solutions for asset-tokenization. The infrastructure also includes training programs for government employees and developers.
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Credit : cryptonews.net
