Bank of Papua completes CBDC trials, seeks expanding cross-border payments

The Papuan-Nouvelle-Guinée Bank has completed its CBDC test and is now considering the next steps for digital payments beyond national borders.

The Papuan-Nouvelle-Guinea authorities intensify their digital currency efforts from the Central Bank, the Papuan bank CBDC Establishment of proof of concept.

The trial, carried out in partnership with Soramitsu, Mitsubishi, Jica and the Japanese government, tested how a CBDC could work in the country. During His speechElizabeth Genia, the Governor of the Papuan-Nouvelle-Guinea Bank, said that the study was aimed at improving financial inclusion and modernizing the payment system. The central bank focused on “improving efficiency”, as well as “security strengthening” and “promotion of financial inclusion”.

In 2018, BPNG co -sponsored the London Week Blockchain. Since then, he has tested digital identity solutions and launched a regulatory sandbox for Fintech, noted Genia.

The CBDC test simulated transactions in a sandbox, helping to identify the advantages of a digital currency and the challenges to bring it to the national level. However, BPNG says that it is necessary to fill “significant legal and regulatory gaps” before making any large -scale deployment.

The Central Bank now claims that future studies should “expand the scope to initiate more financial institutions and explore cross -border payments with neighboring countries”.

In July, when Soramitsu was chosen To develop the CBDC, he said that a state -controlled digital currency could provide a “traceable recording for potential recovery” if something is wrong. In 2020, the Japanese Blockchain Development Company gained importance by introducing a CBDC in Cambodia, reaching more than 10 million accounts by December 2023, representing 60% of the country’s population.