Soramitsu Labs, a blockchain developer, intends to conduct a digital currency pilot in Papua New Guinea aimed at improving financial inclusion and security through economic digitization.

Japan-based blockchain firm Soramitsu Labs is gearing up to initiate a proof-of-concept experiment for a central bank digital currency (CBDC) in Papua New Guinea, as requested by the nation’s central bank. The Tokyo-headquartered says the initiative aims to leverage blockchain technology to create “a common platform for Pacific island nations,” according to a press release seen by crypto.news.

Papua New Guinea, grappling with some challenges in financial inclusion and security, appears to be seeking new blockchain-based solutions to address these issues. Many regions in the country experience frequent …