$BTC

Authorities in Papua New Guinea are stepping up their central bank digital currency efforts, with the Bank of Papua New Guinea completing its CBDC proof-of-concept trial.

The trial, done in partnership with Soramitsu, Mitsubishi, JICA, and the Japanese government, tested how a CBDC could work in the country. During her speech, Bank of Papua New Guinea Governor Elizabeth Genia said the study aimed to improve financial inclusion and modernize the payment system. The central bank focused on “enhancing efficiency,” as well as “strengthening security,” and “promoting financial inclusion.”