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A central bank digital currency (CBDC) platform for deployment across Tajikistan is to be built on the Fantom blockchain.
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.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.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 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.Remittance inflows to Tajikistan made up some 26% of its GDP in 2020, according to data from the World Bank.
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