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.
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.
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.
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