The Bank of Papua New Guinea has completed its proof-of-concept trial for a central bank digital currency (CBDC), conducted in partnership with Soramitsu, Mitsubishi, JICA, and the Japanese government. The trial aimed to improve financial inclusion and modernize the payment system in the country, focusing on efficiency, security, and financial inclusion. The central bank plans to address legal and regulatory gaps before proceeding with a large-scale rollout, and future studies will involve more financial institutions and explore cross-border payments with neighboring countries. Soramitsu, the developer of the CBDC, previously achieved success with a CBDC implementation in Cambodia.



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