Fantom and Orienbank to create CBDC for Tajikistan

Fantom Foundation announces that it will work with one of Tajikistan’s oldest and biggest banks, Orienbank to create Central Bank Digital Currency (CBDC).

Fantom along with the National Bank of Tajikistan and Orienbank will work together to digitize the Tajikistani Somoni for retail and commercial payments. 

With this agreement, Fantom becomes one of the first blockchain protocols to build a digital currency for a national government.

According to the official blog post, “The platform will additionally integrate Andre Cronje’s Iron Bank protocol to enable seamless, low-fee foreign exchange with simple fiat on- and off-ramp.”

Here are some of the key features for Fantom CBDC:-

• Reduced Remittance Costs
• Financial Inclusion
• Support Financial Stability
• Advanced Tax Collection
• Safeguards for Monetary Sovereignty

“This agreement with Orienbank validates our efforts to build a viable CBDC solution combining research into the economics and usability of digital currencies with the technology of our high-speed, low-cost platform.”

“It is an honor to be working with the Republic of Tajikistan, and we look forward to playing a key role in building the financial system of the future with them.” – Michael Kong, CEO, Fantom.