Tajikistan National Bank Enlists Fantom, Orienbank to Help Develop CBDC

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A central bank digital currency (CBDC) platform for the central Asian country of Tajikistan will be built on the Fantom blockchain, the foundation behind the blockchain said Monday.

  • The Fantom Foundation will work with OJSC Orienbank, one of the oldest banks in Tajikistan, on a CBDC product for use in the 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.
  • 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 an intent to explore the potentials of a CBDC, developing nations such as Tajikistan may find more use cases for them because of their potential to reduce costs of remittances.
  • Remittance inflows to Tajikistan made up 26% of the country’s gross domestic product last year, according to data from the World Bank.

Read more: Fantom Commits $314M in FTM to Boost Ecosystem Development

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