Central bank digital currencies (CBDCs) have sparked a lot of interest around the world. For example, the Fantom Foundation recently announced that it had signed an MoU with OJSC Orienbank, one of Tajikistan’s leading banks, to develop a hybrid CBDC platform for the country.
The proposed CBDC, according to the foundation, would go through numerous stages of testing and development. Following the testing, Fantom, Orienbank, and the National Bank plan to roll out the system across the country.
In digital form, Fantom and Orienbank will also collaborate to establish commercial and retail payment networks for the E-SOM, the Tajikistani Somoni.
The foundation stated that it would roll out the product across the country under the National Bank of Tajikistan’s sandbox regulation, which the central bank has disputed.
The CBDC will also be utilized for interbank transfers, peer-to-peer money transfers, and major business payment systems to small business transactions, according to Fantom. The National Bank of Tajikistan, on the other hand, has refuted the reports, saying in a statement:
According to the Russian news outlet Tass, Universa, a Russian startup, collaborated with a Tunisian CBDC in 2019. However, the central bank eventually disputed and deemed it untrue, while Universa denied claiming to be a CBDC. Nevertheless, Universa created a stablecoin, which it showed at a Tunisian conference with representatives from central banks in attendance.
The Royal Monetary Authority of Bhutan recently announced a collaboration with a well-known platform for the first phase of its CBDC experiment.