A major securities brokerage in Japan is reportedly testing a blockchain-based stock trading system in Myanmar.
According to Nikkei, Daiwa Securities Group’s research outfit has been in Myanmar working with the Yangon Stock Exchange. The goal, the Asian regional newspaper reported, was to test mechanisms by which problems with critical trading infrastructure could be avoided or resolved more efficiently.
Testing is said to have begun in March, involving five local firms along with the Yangon-based exchange. Daiwa, according to local sources, has an ownership stake in the exchange.
The publication further detailed:
The trials don’t represent the first time the technology has been tested within Myanmar. Earlier this year, a microfinance firm began testing blockchain to streamline how its internal systems operate
One notable characteristic of the trial, according to Nikkei, is that the Yangon Stock Exchange “only matches buy and sell orders twice a day”. As a result, Daiwa said that it doesn’t expect to run into any major obstacles as it looks to integrate the system into live trading.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.