Cambodia officially launches CBDC called “Bakong“, aims to de-dollarization its economy

The digital currency dubbed “Bakong was launched on Wednesday at the Cambodian capital Phnom Penh with the National Bank of Cambodia being the brain behind the new currency. The National Bank of Cambodia hosts Bakong atop the Hyperledger Iroha blockchain designed by Japanese technology company Soramitsu.

Bakong’s launch grants Cambodians a state-sanctioned platform for conducting instant mobile payments, with QR codes and phone numbers connecting digital wallets over a blockchain.

At Wednesday’s launch event in the capital Phnom Penh, Chea Serey, director general of central banking at the National Bank of Cambodia, expressed hope that the e-money will play a role in preventing the spread of Covid-19, the disease caused by the coronavirus.

Chea Serey, Director General at National Bank of Cambodia

“I hope the official launch of Bakong system today will help to promote social welfare and also prevent the spread of that disease through facilitating e-payment from person to person seamlessly without involving cash,” she said.

Cambodia aims Bakong as a critical step in modernizing its payment system and de-dollarizing its economy.

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