Papua New Guinea to Establish Cryptocurrency Association

Announcements, Blockchain, FinTech, Innovation, Investing | August 1, 2017 By:

The Central Bank of Papua New Guinea is collaborating with global research firm Abt Associates to establish the PNG Digital Commerce Cryptocurrency Association. The project will enable PNG to link up with the Global Blockchain Forum, an initiative led by the US Chamber of Digital Commerce.

The central bank signed a memorandum of understanding (MOU) with Abt, supported by the Australian government, to launch the program through the Abt Australia-led Papua New Guinea Governance Facility project.

With funding from the Australian Government, The central bank and Abt are investigating how blockchain technology could be used in Papua New Guinea to tackle some of the country’s financial inclusion issues. Most of the population in Papua New Guinea does not use banks, which limits economic opportunities for the people.

“Blockchain has the potential to solve many challenges,” said Abt Australia CEO Dr. Jane Thomason. “Imagine a world where the poor can have an identity which enables access to services and financial inclusion through the use of blockchain technology. It holds tremendous possibilities to transform the way we address issues of poverty and health.”