[Extracted from the book titled, “BITCOIN DREAM: Hope, Hype and Chaos”]
Bokolo Cash is a digital version of the Solomon Islands dollar, designed to make transactions faster, safer and more accessible. Bokolo Cash is currently in use in the Solomon Islands as part of a Proof-of-Concept (PoC) project initiated by the Central Bank of Solomon Islands (CBSI) in collaboration with the Japanese blockchain company Soramitsu – the same company that is working with BPNG to introduce Digital Kina.
Launched on November 1, 2023, this digital currency is accepted as legal tender among participants and selected merchants in Honiara, the nation’s capital.
Participants can use it for retail transactions and peer-to-peer transfers. The system operates on a permissioned blockchain network based on Hyperledger Iroha 2, ensuring secure and efficient transactions.
Users manage their Bokolo Cash tokens through a dedicated mobile wallet, enabling instant payments via standardized QR codes. To ensure compliance with international regulations, a two-tier Know Your Customer (KYC) identity verification process, including electronic KYC (eKYC), is implemented.
It’s important to note that Bokolo Cash is currently in the PoC stage and its usage is limited to participants within this trial phase just like PNG’s Digital Kina.
In the following paragraphs, we will read from our tech-fans namely Kepa Wagi and Maya Mara from Port Moresby whom visited Honiara recently.
As they experience the impact of Bokolo Cash in their daily lives, Kepa and Maya began to explore the broader implications of digital currencies in the Pacific, particularly in connection with PNG’s Digital Kina and how these innovations could transform economic interactions across the region.
Kepa and Maya sat at a bustling café in Honiara, sipping fresh coconut juice. The air buzzed with conversations about a new financial revolution—Bokolo Cash. It had been a few months since the Central Bank of Solomon Islands introduced this digital currency and it was quickly gaining traction.
“I don’t need to carry cash anymore,” Kepa said, holding up his phone. “I just scan this QR code and the payment is done instantly. No waiting for change, no worrying about counterfeit money.”
Maya nodded. He had been sceptical at first but after using Bokolo Cash at local markets and shops, he saw how convenient it was. “And the best part? No bank fees for small transactions,” he added. “That’s a game-changer for many Solomon Islanders who don’t have bank accounts.”
The Solomon Islands, like many Pacific nations, faced challenges with financial inclusion. Many people lived in remote areas, far from banking services. Cash transactions dominated daily life but they came with risks—robberies, losses and difficulties in making secure payments. Bokolo Cash, a digital version of the Solomon Islands dollar, was designed to address these issues.
“Bokolo Cash is more than just digital money,” Kepa continued. “It’s a step toward financial independence for the Pacific. It means small business owners; market vendors and fishermen can get paid instantly and safely. No need to travel long distances to deposit money in a bank.”
Maya took a deep breath. “You know, PNG is also working on its own digital currency—the Digital Kina,” he said. “Imagine if Bokolo Cash and Digital Kina could work together. It would make trade and travel between our countries so much easier.”
The Pacific region was historically dependent on cash-based transactions, making cross-border trade slow and expensive. But with digital currencies, things were changing. If Bokolo Cash and Digital Kina could be exchanged seamlessly, it would transform the way businesses operated between Papua New Guinea and the Solomon Islands.
“Right now, if someone from PNG wants to send money to their family in the Solomons, they have to go through remittance services with high fees,” Kepa pointed out. “But if both countries adopt digital currency systems that are compatible, sending money will be instant and almost free.”
Maya smiled, imagining the possibilities. “And not just PNG and the Solomons. What if other Pacific nations like Vanuatu, Fiji and Samoa also adopted digital currencies? We could build a regional payment system that makes business easier for everyone.”
As they spoke, a vendor approached their table, offering woven handicrafts. Kepa tapped his phone, scanned the vendor’s QR code and within seconds, the payment was confirmed. The vendor smiled, thanked him and walked away.
“See?” Kepa said, grinning. “That’s the future of money in the Pacific.”
Maya leaned back in his chair, watching the city move around them. “A future where no one is left out. Where people in villages, islands and cities all have access to safe and easy transactions. Where businesses grow without worrying about high fees or currency exchange problems.”
They both sat in silence for a moment, taking in the reality of what was happening around them. The Pacific was entering a new financial era—one that was digital, inclusive and uniquely its own.
With Bokolo Cash leading the way in the Solomon Islands and Digital Kina emerging in Papua New Guinea, the dream of a connected Pacific economy was becoming more real each day. And for Kepa and Maya, that was something worth believing in.
- Peter S. Kinjap is the author of the book titled “BITCOIN DREAM: Hope, Hype and Chaos” for students and policymakers in emerging economies. Next week, we will have a look at Crypto Visa Debit Cards in PNG. For comments, email: howarigtraders@gmail.com