The Central Bank of Solomon Islands today launched a pilot project that seeks to bridge the gaps in technology advancement and financial inclusion.
The pilot project is aptly named as the ‘Central Bank Digital Currency (CBDC) Proof of Concept Pilot Project’.
The project is launched to coincide with the 8th Pacific Central Bank Governors Meeting in Honiara and also in line with this year’s theme of “Leveraging digital technology for inclusive and sustainable development: shared prosperity”.
Expanding on the aims of the project, the Prime Minister Manasseh Sogavare stated that the digital technology pilot has its vision on long-term shared prosperity for Solomon Islanders, reduced transaction costs, transparent and secure transaction, economic resilience, innovation leadership and shared prosperity.
The Prime Minister congratulates the pilot project’s stakeholders, Central Bank of the Solomon Islands, Soramitsu and the Government of Japan for their commitment to ensuring this collaboration progresses.
Hailing CBSI and its partners for the innovation, Prime Minister Sogavare stated, this digital technology is in line with the policy of the Government of the day, reflected in the ‘National Development Strategy.’
PM Sogavare further added that the initiative will reduce financial exclusion, and empower those who are underserved, and unbanked or excluded from formal financial system.
“The CBDC will provide a secure and accessible means of conducting financial transactions, ensuring that no one is left behind in our journey towards progress,” the Prime Minister stated.