National Bank Of Cambodia Launches Digital Currency In Q1 2020

Chea SEREY, Director General of the National Bank of Cambodia, said that the digital currency system begins its functioning in the first quarter of this year. The new digital currency of the National Bank of Cambodia called Bakong was launched in test mode in July 2019.

The blockchain-based Bakong system aims to unite all Cambodian payment operators through a single platform. It is also planned to launch cross-border payments through the Bakong system. This blockchain system is closed and maintained by the banking authorities. The software wallet is connected to the bank account of each client, so that it is easier for them to interact with fiat. The system records transactions in real time, and the National Bank, in its turn, records the information where the money goes to.

It is expected that with the help of the blockchain system Bakong will be able to simplify the calculations and ensure the safety of funds. According to experts, Bakong is a significant step in the development of the country's financial system, which will facilitate the adoption of digital currencies.

Image courtesy of Central Banking