Bank of Papua New Guinea has wrapped its CBDC test and is now considering the next stages for digital payments beyond national boundaries.
Officials in Papua New Guinea are advancing their central bank digital currency efforts, Bank of Papua New Guinea completed its CBDC proof-of-concept trial.
Partnership with Soramitsu, Mitsubishi, Jecca and the Japanese government tested how CBDC can work in the country. during his speechElizabeth Genia, Governor of Bank of Papua New Guinea, said that the study aims to improve financial inclusion and modernize the payment system. The Central Bank focused on “enhancing efficiency,” along with “strengthening” safety, “and” promoting financial inclusion “.
In 2018, BPNG co-co-co-co-co-co-co -medled the week. Since then, it has tested digital identity solutions and launched a regulator sandbox for Fintech, Jenia said.
The CBDC test simulated the transaction in a sandbox, helping the benefits of digital currency and the challenges of bringing it to the national level. Nevertheless, BPNG says that there is a need to address “important legal and regulatory intervals” before proceeding with any large -scale rollout.
The Central Bank says that future studies should “comprehensize the scope for attaching more financial institutions, and detect cross -border payments with neighboring countries.”
In July, when Soramitsu was selected to develop CBDC, it was said that a state-controlled digital currency can provide “a traceable record for potential recovery” if anything goes wrong if anything goes wrong. In 2020, the Japanese blockchain development firm gained prominence by launching a CBDC in Cambodia, receiving more than 10 million accounts by December 2023, which represents 60% of the country’s population.
