According to local reports, the National Bank of Cambodia (NBC) is neck-deep in plans for its own central bank digital currency (CBDC). If all goes according to plan, the CBDC will be launched sometime within the next few months.
Called “Project Bakong”, the product and its platform will be powered by a blockchain and will be peer-to-peer. Speaking to the Phnom Penh Post, the director-general of the NBC Chea Serey revealed these details and many more.
The government believes that the project will unite all financial parties in the country, easing their core business activities. Serey said:
“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.”
She also described it as “the national payment gateway for Cambodia”, adding that there are plans for Bakong in the future, to power cross-border payments as well.
Further details have also been provided by Shin Chang Moo, the president of the Phnom Penh Commercial Bank. According to him, the project is already in its final stages of deployment even though it took a lot longer than expected.
Last month, China announced that a pilot test of its CBDC was due to begin soon.
Image Credits: Pixabay
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