Undoubtedly, the emergence of blockchain and DeFi have made business transactions convenient. They have managed to find their way into the financial ecosystem, with many countries adopting the technology. Tajikistan is the latest country to roll out the launch of its CBDC Solution. 

Orienbank, the largest and oldest bank in the country, has partnered with Fantom to develop a transparent and safe CBDC. According to the bank, choosing Fantom was deliberate because the platform had everything needed to build a standard network that would facilitate transactions, regardless of the number. 

Tajikistan is Looking Forward to Its Digitized Currency 

The country is excited with its partnership with Fantom and Orienbank and looking forward to having its digitized currency, e-Somoni. Fantom and Orienbank are working towards preparing its e-Currency into a crossover with Fantom’s blockchain. Utilization of the blockchain technology will propel the country to a new level of digitalization in the financial sector. 

Fantom technology uses low-cost and fast digital ledger technologies to create an impeccable and efficient solution. DLT is a solution for tokens designed for payments. Additionally, Orienbank’s protocols will assist Fantom to implement a straightforward foreign exchange with simple on and off-ramps. 

CBDC Will be Made All-Inclusive 

Tajikistan revealed that the Fantom-centered digitized currency would be made available to everyone, whether unbanked or banked individuals. Businesses and commercial industries can also utilize the CBDC transactions by using the mobile app with P2P payments. The app will include decentralized financial products, like microloans. 

One reason for launching digitized Somoni is to facilitate remittance without exorbitant fees. With the CBDC Solution, intermediaries will no longer be useful, and users can make transfers without worrying about scalability. According to Orienbank, businesses will benefit from the digitized currency without much paperwork, with all the data on automated goods and services and tax collection stored on the blockchain. Above all, blockchain parkers will be safer to use than their traditional counterparts. 

Tajikistan is one amongst many other countries that have rolled out plans to create its CBDC, although some have officially launched theirs. China has already rolled out its CBDC digital Yuan and is now being tested with bus ticket purchases. According to some experts, China’s launch with digital Yuan is related to its intensified crackdown on the crypto industry that has become more severe since the start of the year. 

The European Union is also on its way to creating its digitized coin, but it would have to investigate its benefits and effects on the economy first within two years. Nigeria is another country in the CBDC world, with the proposed launch on National Day October 1.