coindesk.com
A central bank digital currency (CBDC) platform for deployment across Tajikistan is to be built on the Fantom blockchain.
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The Fantom Foundation will work with OJSC Orienbank, one of the oldest banks in Tajikistan, on a CBDC solution for use across the central Asian country.
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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 Monday.
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Orienbank and Fantom will join the National Bank of Tajikistan in developing commercial and retail payment networks for a digitized Tajikistani somoni (E-SOM).
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While almost every major economy in the world has demonstrated intent to explore the potentials of a CBDC, developing nations such as Tajikistan may find more use cases for them due to their potential to reduce costs associated with remittances.
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Remittance inflows to Tajikistan made up some 26% of its GDP in 2020, according to data from the World Bank.
Read more: Fantom Commits $314M in FTM to Boost Ecosystem Development