Cambodia To Issue Digital Currency in Q1 2020
Cambodian central bank plans to launch the CBDC, central bank digital currency, by the end of March, the first fiscal quarter of 2020, shared director-general of the National Bank of Cambodia Chea Serey to Phnom Penh Post.
The “Project Bakong” is expected to “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”, shared Chea Serey.
Dubbed by Serey “the national payment gateway for Cambodia”, Bakong system has been tested since July, with 11 banks on board and more joining now.
Blockchain-based peer-to-peer payment and transfer system Bakong will be cheaper and more convenient, shared Shin Chang Moo the president of Phnom Penh Commercial Bank, that is undergoing the final stages of system deployment in its banks.
In his opinion, Cambodia is pathing the way for “international financial society” and other countries’ central banks. Chea Serey also stated that the system “hope to allow cross border payment” on blockchain in the nearest future.
As Future Time reported in December, the central bank of Sweden Riksbank has already chosen a technology partner for the e-krona pilot project. Earlier European Central Bank has also unveiled the CBDC proof-of-concept.