Earlier this year, the Central Bank of Cambodia announced that it would introduce the national digital currency in the first quarter of 2020 CBDCA named Bakong.
On July 27 Chea Sereythe director general of the National Bank of Cambodia informed the media that Bakong was launched this month on trial. The official issue of the digital currency is to take place before the end of the third quarter (by September 30).
“Bakong will play a key role in ensuring that everyone in Cambodia’s payment space is on the same platform so that end-users can pay each other regardless of the institutions they work with. We hope that we will eventually also allow cross-border payments through the system Bakong“.
– He said Chea Serey.
The digital currency is currently supported by eleven banks
Shin Chang moong, the president of Phnom Penh Commercial Bank assured the public media that the bank would be located CBDCA in all its branches. The development of the digital currency, he admitted, took a little longer than expected as the authorities first had to convince the public about the digital currency.
“Some are concerned that banks may lose some of their market share to Bakong. This is partially true, at least in the short term. However, our industry is relatively immature in the number of service providers and consumers. Bakong it will eventually create inclusive ecosystems that can be used by all stakeholders in the industry. ‘
– he argued Chang Moong.
Cambodian CBDCA it will not be decentralized like private cryptocurrency. The wallet used for storage will be linked to users’ bank accounts and all transactions will be processed in real time.
Introduction Bakongu it will help, inter alia, to establish a national standard for the use of codes QR. As a digital currency issued by a bank, it is also designed so that there is no speculation in the financial sector.
Many other central banks around the world are working on introducing their digital currency. Asia is most active in this area. Recently, in response to ongoing work in China on CBDCA The Bank of Japan sped up its own research on a possible digital yen.