The Solomons join tiny island nations worldwide at the forefront of CBDC development. Soc A new CBDC joins the very large crowd.
The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency called Bokolo Cash.
Bokolo Cash will be worth one Solomon Islands dollar.
Wholesale transfers between commercial banks and simulated cross-border payments and remittances will also be tested. Users will undergo “two-tier” Know Your Customer verification, according to Soramitsu.
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Bokolo Cash will operate locally on a tailor-made blockchain based on Hyperledger’s Iroha.
The project was initiated on Nov. Solomon Islands Prime Minister Manasseh Sogavare said:
