Creating a national-level payment portal, Cambodia will launch a blockchain-based digital currency

According to foreign media reports on January 31, Cambodian Central Bank Governor Chea Serey said this week that the bank will launch a "blockchain-based" digital currency before the end of this fiscal quarter.

5837015193_f60a8d474a_b (Image source: flickr )

Serey said that the digital currency program called "Bakong" is "the national payment gateway for Cambodia", which is actually a central bank digital currency (CBDC), Serey said:

Users of this closed system can connect wallets to their bank accounts and convert their fiat currencies into new digital currencies. This blockchain-based currency can be used for daily payments on mobile platforms.

Bakong will play a central role in bringing all participants in the Cambodian payment sector into the same platform, making it easier for users to pay regardless of which bank they eventually do business with.

Serey said:

Ultimately, we also want to allow cross-border payments through the Bagun system.

According to National Bank officials, the plan began trials last July and has now been supported by 11 banks. Serey expects more institutions to join the system soon.

Previously, PPCBank had used the system in all its branches, and Chang Moo told the Washington Post that Bakong was cheaper and more convenient than credit and debit cards.

But Moo said that because it is a public system, "at least in the short term," part of the bank's market share will be taken away by Bakong. But overall, this is a good thing, Moo said:

Bakong will eventually create a financially inclusive ecosystem that will benefit all stakeholders in the industry.

Copyright Notice:

Original: https://decrypt.co/18073/cambodia-release-blockchain-based-digital-currency-this-quarter

Author: Robert Stevens

Compilation: Captain Hiro

Source (translated): Babbitt Information (http://www.8btc.com/550816)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Clear out while the time is right? FTX and Alameda-related addresses recently transferred $30 million worth of assets.

In September, FTX was approved for liquidation and has been frequently withdrawing large amounts of assets in the pas...

Blockchain

Pushing the IEO platform and expanding the scale of the currency, why is the conservative Coinbase “flying itself”?

At the end of the IEO, Coinbase, the largest cryptocurrency trading platform in the United States, has heard the news...

Market

The short-lived boom is hard to sustain, the second major crash after FTX is on its way.

Macro recession, will it make crypto become a safe haven asset, or will it collapse the entire crypto world? Original...

Blockchain

Did Michael Lewis's reputation 'crash' by showing mercy to SBF?

Source New York Times Compiled by LianGuaiBitpushNews Mary Liu Hiking is a common interview format for Michael Lewis....

Blockchain

A picture proves that there are a large number of cleaning transactions on the exchange

In order to more accurately depict trading activity, the "Real 10" indicator only considers the volume of t...

Blockchain

Xiaoyan follow-up: CZ, Nathan Kaiser, ten "big coffee" in the same box, market, trading, technology, all the nets

The Asian Block Summit was held in Taipei on July 2nd and 3rd. The summit focused on “blockchain business ...