Two years after reports of a Cambodian cryptocurrency, the country is set to launch a central bank digital currency (CBDC) payment system.
Project Bakong to Feature Centralized Digital Currency
According to Cambodian daily Phnom Penh Post, the country’s central bank is set to roll out “Project Bakong,” a blockchain-powered money transfer platform that features a CBDC.
Chea Serey, director-general of the National Bank of Cambodia (NBC) says the CBDC already has the backing of 11 out of the country’s 43 commercial banks. According to Serey, more financial institutions will join the platform and make use of the CBDC once the project goes live.
Commenting on the imminent launch of Project Bakong, Serey remarked:
Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform,…
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