Solomon Islands, Soramitsu team up for Bokolo Cash CBDC proof-of-concept

The Central Bank of Solomon Islands has launched a proof-of-concept for a cardinal slope integer currency called Bokolo Cash. Japanese blockchain Soramitsu is providing support.

Bokolo Cash volition beryllium worthy 1 Solomon Islands dollar. Project participants tin usage it successful retail settings successful the land nation's superior Honiara and for person-to-person transfers.

Wholesale transfers betwixt commercialized banks and simulated cross-border payments and remittances volition besides beryllium tested. Users volition acquisition “two-tier” Know Your Customer verification, according to Soramitsu.

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Bokolo Cash volition run locally connected a tailor-made blockchain based connected Hyperledger’s Iroha. It volition person connectivity to Soramitsu’s nationalist Sora blockchain arsenic well, wherever users volition beryllium capable to marque transfers with QR codes and the self-custody Fearless Wallet, which was developed by Soramitsu.

The task was initiated connected Nov. 1 but lone announced connected Nov. 29. Solomon Islands Prime Minister Manasseh Sogavare said:

“By embracing integer currency, we presumption our federation astatine the forefront of the planetary technological landscape. The CBDC Pilot Project signifies our committedness to embracing the future, capitalizing connected the efficiency, transparency, and information that integer currency offers.”

The Solomons are a radical of implicit 900 islands westbound of Papua New Guinea. They person a colonisation of astir 700,000. It joins different land nations, such arsenic Palau, Marshall Islands and Mauritius, successful experimenting with CBDC. In addition, Tonga considered introducing Bitcoin as ineligible tender, but has yet to bash so. Vanuatu is the big federation of BTC-friendly Satoshi Island. The Eastern Caribbean countries already have an authoritative CBDC called DCash.

Soramitsu is simply a large determination CBDC provider. Its exertion powers the Cambodian bakong and Lao DLak. It has launched a task to usage the bakong and stablecoin successful a determination cross-border outgo system.

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