{"id":203937,"date":"2023-12-01T01:05:42","date_gmt":"2023-11-30T19:35:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203937"},"modified":"2023-12-01T01:05:42","modified_gmt":"2023-11-30T19:35:42","slug":"solomon-islands-soramitsu-team-up-for-bokolo-cash-cbdc-proof-of-concept-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solomon-islands-soramitsu-team-up-for-bokolo-cash-cbdc-proof-of-concept-crypto-news\/","title":{"rendered":"Solomon Islands, Soramitsu team up for Bokolo Cash CBDC proof-of-concept – Crypto News"},"content":{"rendered":"
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The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency called Bokolo Cash. Japanese blockchain Soramitsu is providing support.<\/p>\n

Bokolo Cash will be worth one Solomon Islands dollar. Project participants can use it in retail settings in the island nation’s capital Honiara and for person-to-person transfers.<\/p>\n

Wholesale transfers between commercial banks and simulated cross-border payments and remittances will also be tested. Users will undergo \u201ctwo-tier\u201d Know Your Customer verification, according<\/a> to Soramitsu. <\/p>\n

Related: Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape Verde video<\/a><\/em><\/strong><\/p>\n

Bokolo Cash will operate locally on a tailor-made blockchain based on Hyperledger\u2019s Iroha. It will have connectivity to Soramitsu\u2019s public Sora blockchain as well, where users will be able to make transfers with QR codes and the self-custody Fearless Wallet, which was developed by Soramitsu.<\/p>\n