Papua Bank is completed by CBDC trial, asking for cross -border payments

Papua Nova Guinea’s bank has completed the trial of CBDC now considering the following steps for digital payment beyond national borders.

Authorities in Papui New Guinea enhance their efforts in the digital currency at the Central Bank, and the bank of Papua Nova Guinea ended its trial of the CBDC evidence.

The trial, done in partnership with Soramitsu, Mitsubishi, Jica and the Japanese government, tested that CBDC can work in the country. During Her speechPapua of Nova Guinea Elizabeth Genia’s Governor Papua said that the study was aimed at improving financial involvement and modernizing the payment system. The central bank focused on the “increase in efficiency” as well as “strengthening security” and “promoting financial involvement”.

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

The CBDC trial simulates transactions in a sand box, helping to recognize the benefits of digital currency and challenge to bring it to a national level. However, BPNG says there is a need to deal with “significant legal and regulatory gaps” before continuing with any major presentation.

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

In July, when Soramitsu was chosen for the development of CBDC, he said that a digital currency under the control of the state could provide a “temporary record for potential recovery” if anything goes wrong. In 2020. The Japanese Blockchain Development Company received a prominent by introducing CBDC Cambodia, reaching over 10 million accounts by December 2023, representing 60% of the country’s population.