Now Reading
Cambodia To Launch Digital Currency With Support Of 11 Banks

Cambodia To Launch Digital Currency With Support Of 11 Banks

cambodia crypto-techcryption

Project Bakong, a blockchain-based peer-to-peer payment and money transfer platform that features a central bank digital currency (CBDC) is said to be launched by the National Bank of Cambodia (NBC) in the next few months.

“Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with. Eventually, we hope to allow cross border payment through the Bakong system too.”

Chea Serey, Director-General of National Bank of Cambodia

According to Serey, the CBDC is already backed by 11 out of the country’s 43 commercial banks and it is expected to have more financial institutions to join upon CBDC going live.

See Also

The Project Bakong which is expected to be launched before the end of Q1 2020, was put to trial in July last year and NBC will maintain centralized control of the proposed CBDC with a closed system that will include participants like banks and other financial institutions in the country.

What's Your Reaction?
Angry
0
Confused
0
Excited
0
Happy
0
Okay
0
Sad
0

© 2020 Techcryption Media Sdn Bhd . All Rights Reserved

Scroll To Top