Cambodia Stole The Thunder From Thailand By Becoming The First in Southeast Asia With its Quasi CBDC Official Launch

6 Nov 2020 — Cambodia’s blockchain-powered payment system, named Project Bakong, went live on 28 Oct. Designed by Japanese technology company ソラミツ Soramitsu, the peer-to-peer payment system is built on the Hyperledger Iroha, targeting at 18 million retail users.

#Bakong does not involve the exchange of digitally native money and is entirely fiat-backed. The digital Riel and USD are fully backed by cash reserves held at the central bank.

The new system aims to modernise its payment system, reduce money transfer costs and wean the country’s economy off of its heavy dependence on the USD.

To put it simply, Cambodians can conduct instant mobile payments, with QR codes and phone numbers connecting digital wallets over a blockchain.

“We aim to improve financial inclusion, efficiency, and safety, as well as promote the use of our local currency.” – Her Excellency Madam Serey Chea, Director General, National Bank of Cambodia

“It is an extraordinary honor to receive an award from Central Banking recognising our technical contributions to the practical realisation of CBDC.” – 武宮 (Takemiya)誠 (Makoto), CEO,  Holdings.

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