Blockchain and decentralized finance have already taken their place in the modern economic ecosystem of various countries since it makes commodity-money relations more convenient. For those and many other reasons, countries like Tajikistan join blockchain technology and partner with Fantom to present their first CBDC solution with Orienbank, a widely known bank in the country.
To build a transparent and secure CBDC, the bank chose Fantom as a platform that already has everything built for the creation of a proper network that will be ready for a large number of transactions in analogy with fiat payment systems.
Working together, Tajikistan, Fantom and Orienbank are looking forward to preparing the country's currency, Tajikistani Somoni, into an early crossover with blockchain alternative that will be built by Fantom. Implementation of blockchain technologies will take the country's financial infrastructure to a new level by accelerating its digitalization.
Fantom blockchain utilizes low-cost and high-speed digital ledger technologies, an irreplaceable solution for a coin or a token designed as a payment tool. In addition to Fantom's ledgers, Andre Cronje's Iron Bank protocol will help with the implementation of convenient foreign exchange that will include simple on and off-ramps.
The Fantom-based CBDC will be available even for unbanked individuals and commerce by using the mobile app with included C2B or P2P payments. The phone application will also include various decentralized financial services like microloans.
One of the main purposes of the newly presented CBDC solution is the allowance of remittance without high fees. By eliminating intermediaries and utilizing blockchain technology, individuals will be able to use remittances and make transfers without worrying about high fees or scalability.
Businesses will also benefit from the implementation of a Fantom-based CBDC solution with automated Goods and Services tax collection, reduced paperwork with all of the data being stored on the blockchain and fast payments processing. In addition to the implementation of a more convenient payment network, the new economic chain will be a much safer alternative to a traditional system.
Agreement with the Republic of Tajikistan and Orienbank is placing Fantom in one row with other next-generation blockchain technology providers that are suitable for real-world usage outside of the trading industry.