Cambodian central bank officials: Blockchain payments will strengthen financial controls and improve remittance efficiency

According to CNBC, Serey Chea, assistant to the Governor of the National Bank of Cambodia (Central Bank), said that blockchain payments will strengthen financial controls and improve the efficiency of remittances. The central bank has experimented with blockchain retail payments in the country, but the main interest is to test cross-border transactions. She also said that many Cambodian domestic workers live in Malaysia, and the money that these workers send back home usually pays at least 10% of the handling fee. The purpose of the project is to reduce costs while enabling remittances to be carried out in real time. In addition, the system allows these workers to send money directly to utility companies, schools and similar institutions in Cambodia. The purpose of this is to better control the funds, rather than relying on the beneficiaries of the transfer of funds.