The National Bank of Cambodia has partnered with Japanese blockchain firm Soramitsu to launch a “quasi” central bank digital currency (CBDC) in a matter of months.
The central bank is developing a blockchain-based P2P platform Bakong. The primary application of the Bakong project is for payments, and its mobile payments app is integrated with eleven banks. The digital wallets are linked to bank accounts, but only 20-30% of the population currently have accounts.
The central bank’s director-general Chea Serey said it eventually plans to allow cross border payments through the Bakong system.
“Bakong will eventually create financially inclusive ecosystems that all the stakeholders in the industry can benefit from,” Shin Chang Moo, the President of Phnom Penh Commercial Bank (PPCBank), told the Post.