Govt to install new system

By REBECCA KUKU
THE Finance Department will be introducing a block-chain financial system for government departments, organisations and statutory bodies next year, says Finance and Rural Development Minister Rainbo Paita.
Paita told The National that all Government finance systems would be transferred to the new system where digital currency could be viewed from peer to peer in the electronic cash system.
“Meaning that with the block-chain finance system, every peer on the network has a list with all the trisection via consensus rather than by a single institution,” he said.
Paita said the Government had allocated K3million to help Finance Department implement block-chain financial system starting next year. “In a way, it will be like a taskforce system to address public service (budget) blowouts.”
Paita also said the Government had funded K15m to waive fees and have all Papua New Guinea citizens open their personal bank accounts.
“This is so as to create financial inclusions, meaning that even if you’re a student or an unemployed villager, everyone will have their own bank account.
“We want to do this to tell help Papua New Guineans to start saving and they can do this through or by having bank accounts,” he said.
Paita said the government through is looking to kick-start this programme next year.”