The Central Bank of Solomon Islands Launches Bokolo Cash CBDC
The Central Bank of Solomon Islands has introduced a proof-of-concept for its central bank digital currency (CBDC) called Bokolo Cash. The project, supported by Japanese blockchain firm Soramitsu, aims to enable retail transactions and person-to-person transfers in the island nation’s capital, Honiara. Additionally, it will test wholesale transfers between commercial banks and simulated cross-border payments and remittances.
Features of Bokolo Cash
Bokolo Cash will be valued at one Solomon Islands dollar. Users will undergo a two-tier Know Your Customer verification process. The CBDC will operate on a custom-made blockchain based on Hyperledger’s Iroha. It will also have connectivity to Soramitsu’s public Sora blockchain, allowing users to make transfers using QR codes and the self-custody Fearless Wallet developed by Soramitsu.
Statement from Solomon Islands Prime Minister
Solomon Islands Prime Minister Manasseh Sogavare expressed his support for the project, stating that embracing digital currency would position the nation at the forefront of technological advancements. He emphasized the efficiency, transparency, and security benefits offered by digital currencies.
CBDC Experimentation in Island Nations
The Solomon Islands joins other island nations, including Palau, the Marshall Islands, Mauritius, Tonga, and Vanuatu, in exploring the potential of CBDCs. The Eastern Caribbean countries already have an official CBDC called DCash. Soramitsu is a prominent provider of regional CBDCs and has powered projects such as Cambodian bakong and Lao DLak.
Hot Take: Central Bank of Solomon Islands Launches Bokolo Cash CBDC
The Central Bank of Solomon Islands has unveiled its central bank digital currency, Bokolo Cash, with the support of blockchain firm Soramitsu. This initiative allows for retail transactions and person-to-person transfers in Honiara, the capital of the island nation. The CBDC will be valued at one Solomon Islands dollar and will undergo a two-tier verification process. It will operate on a tailor-made blockchain and have connectivity to Soramitsu’s Sora blockchain. The introduction of Bokolo Cash demonstrates the country’s commitment to embracing digital currency and capitalizing on its numerous advantages. This development aligns with the growing trend of CBDC experimentation in various island nations worldwide.
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