Tajikistan National Bank Enlists Fantom, Orienbank to Help Develop CBDC

A central bank digital currency (CBDC) platform for the central Asian country of Tajikistan will be built on the Fantom blockchain, the foundation behind the blockchain said Monday.

The Fantom Foundation will work with OJSC Orienbank, one of the oldest banks in Tajikistan, on a CBDC product for use in the country.The agreement makes Fantom one of the first blockchain projects to begin development of a CBDC platform for use by a national government, the foundation said.Orienbank and Fantom will join the National Bank of Tajikistan in developing commercial and retail payment networks for a digitized Tajikistani somoni (E-SOM).While almost every major economy in the world has demonstrated an intent to explore the potentials of a CBDC, developing nations such as Tajikistan may find more use cases for them because of their potential to reduce costs of remittances.Remittance inflows to Tajikistan made up 26% of the country’s gross domestic product last year, according to data from the World Bank.

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