The Papua New Guinea Government signed a Memorandum of Understanding (MoU) with a group of blockchain investors from the Silicon Valley, USA last week. Blockchain technology is an internet based open ledger platform that the global community is now using to create innovations in terms of financial service and delivery.Through this MoU, PNG is inviting the investors to explore the possibility of creating a special economic zone for blockchain technology in Finschhafen, Morobe Province.
Shane Ninai, Co-Founder of Day One Investments, is the PNG representative for the exploration. The Central Bank will be representing the PNG Government in interacting with the investors in exploring and developing a proposal through a feasibility study which will take almost 3 to 4 months.
Mr Ninai, said this is a very new high tech venture, but very well thought out. They have every intention of delivering to the best of their ability. The first stage is securing a piece of land for the economic zone as well as engaging with local stakeholders.
Finschhafen MP, Rainbo Paita, gave his full support for the headquarters of the special economic zone to be in his district. EMTV News
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