<ul><li>Merchants in Papua New Guinea's capital city have participated in a proof-of-concept pilot of a digital version of the country's Kina currency.</li><li>The pilot aimed to examine the integration of a Central Bank Digital Currency (CBDC) into the existing payment systems to address key challenges in the financial sector, including enhancing efficiency, strengthening security, and promoting financial inclusion.</li><li>The Digital Kina, the first CBDC built on the open-source Hyperledger Iroha 2 blockchain, is being tested and will potentially improve the cost and efficiency of the country's financial system and bridge the financial inclusion gap.</li><li>Ensuring widespread user adoption and integration with existing financial infrastructure will be crucial for the long-term success of the Digital Kina and other CBDCs.</li></ul>

Bank of Papua New Guinea pilots central bank digital currency

Discover more