The Bank of Papua New Guinea has announced the successful completion of field trials for the country’s Central Bank Digital Currency (CBDC).
The Proof of Concept required a secure, round-the-clock payment infrastructure that supports instant settlement and cross-border transactions. The Digital Kina project received support from Japanese technology company Soramitsu and Japan’s Ministry of Economy, Trade and Industry.
Using Soramitsu’s SORA v3 Hub Chain, the Bank of Papua New Guinea and local businesses in Port Moresby carried out real-time payments and individual remittances through a user-friendly mobile app. The platform’s enhanced security features, including the ability to recover funds in cases of theft or loss, were also successfully tested.
Looking ahead, the Bank of Papua New Guinea plans to expand testing with a broader user base to refine the system and gather additional feedback, setting the stage for a wider rollout in the near future.
George Awap, assistant governor of the Bank of Papua New Guinea, remarked: “Today’s ceremony is a testament to what can be achieved when innovative ideas meet practical execution. The Digital Kina CBDC Proof of Concept offers a glimpse into how we can reshape financial interactions in Papua New Guinea. By addressing long-standing challenges, we’re preparing for a system that reflects the resilience of our people.”