Cambodia just months away from launching its own central bank digital currency

Cambodia’s central bank is readying to launch its blockchain-based, peer-to-peer money platform within the next few months, Phnom Penh Post reports. The system, named ‘Project Bakong,’ is a payments app powered by a central bank digital currency (CBDC). National Bank of Cambodia (NBC) chairman Chea Serey described it as “the national payment gateway for Cambodia.” The current Bakong implementation links to users’ bank accounts to exchange the CBDC with hard currency. An exec from one participating bank told reporters that Bakong is cheaper and more convenient than credit and debit cards, before noting that some banks might lose some of their…

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