The Cambodian National Bank will introduce a Network for Digital Payments this Quarter
The new digital currency of the National Bank of Cambodia is named Bakong. Let’s check to The Cambodian National Bank will introduce a Network for Digital Payments this Quarter.
It’s effectively a digital currency of the central bank (CBDC), which was launched in July on a trial basis across Cambodia. Chea Serey, the National Bank of Cambodia’s director-general, said the program will be operational within the current fiscal quarter. Serey has described Bakong as “the national payment gateway for Cambodia.”
“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.”
Unlike most cryptocurrencies powered by blockchain, Bakong is a closed system that is supported by the banks. A mobile wallet is connected to the bank account of each user so that they can communicate more easily with the hard currency. The system supports real-time transactions while the Cambodia National Bank keeps centralized records of where the money is going.
This is a bit of an adjustment to the previous heading about cryptocurrency and blockchain technology in Cambodia. The country had previously issued requirements for a crypto-currency business license — the first such licensed business in August 2018 became a Cambodian crypto-exchange.
In any event, a national bank’s on-scale use case that grants its users the ability to transact with each other using blockchain authentication seems likely to speed up adoption.
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Published at Fri, 31 Jan 2020 14:05:01 +0000
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