Cambodia to launch central bank-backed digital currency

posted 27 days ago
Cambodia’s central bank is set to roll out “Project Bakong,” a blockchain-powered money transfer platform that features a CBDC. The CBDC already has the backing of 11 out of the country’s 43 commercial banks, with more financial institutions expected to join the platform and make use of the CBDC once the project goes live.

Commenting on the imminent launch of Project Bakong, Chea Serey, director-general of the National Bank of Cambodia (NBC) 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. Eventually, we hope to allow cross border payment through the Bakong system too.”
Tags: blockchain, news