MultiversX Tracker is Live!

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

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 40 Views

The Solomons join tiny island nations worldwide at the forefront of CBDC development.

The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency (CBDC) called Bokolo Cash, with Japanese blockchain companySoramitsu providing support.

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.

Related: Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde video

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:

Read more


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments