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Papua New Guinea’s Central Bank is conducting research on the possibility of introducing Block Chain, a computer system that allows the use of electronic currency, like Bitcoin, in PNG.
Central Bank Governor Loi Bakani said this Central Bank initiative started last year, following a learning trip to London in England.
For you to be involved in Block chain you have to use Bitcoin.
Bitcoin is a currency that is being used so it is visionary money.
Only a few countries are using it at the moment and also, a few individuals ,and a few companies are also trialing it.
Because all of us use cash, Block chain is the same except that they use it among themselves .
They cannot trade with someone who doesn’t have a bit coin, said Bakani.
“There is a maximum amount of Bitcoin in the world, some billions or so, and that’s it, everybody else uses that amount.
“It is like you saying we’ve got three million in Papua New Guinea and that is it, that is three million we’re going to use, said he Central Bank Governor.
SOURCE: NBC NEWS/PACNEWS
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