Solomon Islands Launches Central Bank Digital Currency Pilot Project with Soramitsu Support

The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency called Bokolo Cash, with support from Japanese blockchain Soramitsu. Bokolo Cash will be worth one Solomon Islands dollar and can be used in retail settings and for person-to-person transfers in the capital city Honiara. The project will also test wholesale transfers between commercial banks and simulated cross-border payments and remittances. Users will undergo “two-tier” Know Your Customer verification, and the currency will operate on a tailor-made blockchain based on Hyperledger’s Iroha with connectivity to Soramitsu’s public Sora blockchain.