- The Central Bank of Cambodia is to launch a digital currency platform allowing peer-to-peer transactions.
The National Bank of Cambodia is going to launch a blockchain based payment platform allowing peer to peer money transfer in the next few months. The Director General of NBC Chea Serey made the announcement on 27 January 2020. The project is called ‘Bakong Project’ and has garnered the support of over 11 million banks.
The platform was initially launched in July last year on a trial basis following which it will be operational in the next fiscal year, said Serey. She added that the platform will play a significant role in enhancing the payment platform by bringing together any two parties involved in a transaction regardless of the institution they bank with. She described it as the “national payment gateway for Cambodia”.
In addition, the President of the PPC bank of Cambodia Shin Chang Moo said that he has already implemented the currency platform in all branches of the bank. He compared the usage of credit and debit cards with Bakong saying that Bakong is more convenient and cheaper.
The transactions done via the Bakong Wallet, which is connected to the user’s bank account, will immediately be recorded in the NBC database. Chang Moo said:
“Unlike most cryptocurrencies, which are decentralised, Bakong is a closed system backed by banking authorities. There is zero possibility of speculation using Bakong.”
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