Central Bank of Tajikistan does not know anything about the participation of Fantom and Orienbank in the development of digital somoni – Bits Media

Central Bank of Tajikistan denies participation of Fantom Foundation and Orienbank, one of the oldest Tajik banks, in the creation of digital somoni - the state cryptocurrency of Tajikistan.

According to Fantom's statement from 28 september, the company's solution will be used to create a digital somoni for making retail and commercial payments. The Iron Bank protocol will be additionally integrated into the platform, to ensure fast exchange of funds and their conversion with low commissions. After successful testing, the digital somoni will be introduced at the state level, in accordance with the rules of the National Bank of Tajikistan.

According to the developers, Tajikistan’s digital currency will reduce the cost of remittances and expand the population’s access to financial services. Special mobile wallets for making P2P payments will also be presented.. This will contribute to the development of local trade, and financial institutions will be able to provide microloans to people from remote regions.

Digital somoni will be used to pay taxes, which will save time for organizations and free them from unnecessary paperwork. Besides, the state stablecoin will be aimed at protecting the monetary sovereignty of Tajikistan and optimizing the country’s monetary policy.

“We are honored to work with the Republic of Tajikistan, and we hope to play a key role in creating the financial system of the future. Collaborating with Orienbank, we will implement the tools, which will accelerate the economic growth of the state, will simplify payments for individuals and optimize them for organizations", – said Fantom CEO Michael Kong (Michael Kong).

В этом месяце Центральные банки Австралии, Singapore, Малайзии и ЮАР уже начали тестировать государственные криптовалюты. Однако аналитики The Wall Street Journal считают, that central banks issuing their own digital currencies will lead to negative interest rates.

Update on 4 October 2021 of the year

However, the National Bank of Tajikistan
reported, that he has not signed any cooperation agreements with the Fantom Foundation on the development of digital somoni and does not plan to do so. The Central Bank of Tajikistan sent a corresponding letter to the Fantom Foundation about the dissemination of false information.