The Bank of Papua New Guinea has completed its trial for a central bank digital currency (CBDC) and is now exploring the next steps for digital payments. The project, conducted with partners including Soramitsu, Mitsubishi, and the Japanese government, aimed to improve financial inclusion, strengthen security, and modernise the country's payment system.

The trial took place in a controlled environment, allowing authorities to assess both the benefits and challenges of a CBDC. While the results were promising, the central bank highlighted the need to address legal and regulatory gaps before considering a wider rollout. Governor Elizabeth Genia emphasised the importance of engaging more financial institutions and expanding research into cross-border transactions.

Papua New Guinea has been actively exploring blockchain technology since 2018, previously testing digital identity solutions and fintech regulations. Soramitsu, who played a key role in Cambodia's successful CBDC launch, believes a state-backed digital currency could provide a traceable and efficient financial system. The central bank is now looking at international partnerships to further develop its digital payment infrastructure.