Cambodia launches digital currency “Bakong”

Cambodia joins the digital money trend

Cambodia on October 28 officially launched a central bank-backed digital currency that draws on blockchain technology designed by a Japanese company, Reuters reported.

The virtual money is called “Bakong” after a prominent ancient temple in the country and supports transactions in US dollars and the domestic currency, riel. The launch of the Bakong is meant to help Cambodians make payments and transfer money between individuals using their smartphones.

The initiative of the National Bank of Cambodia joins a very small group of digital currencies backed by central banks that have gone fully operational.

The virtual money can be used with a mobile app installed on a smartphone. While the number of Cambodians who have traditional bank accounts is limited, smartphones have reached every corner of the country, the report noted.

Using e-wallets on smartphones should support financial inclusion

Japanese financial technology startup Soramitsu Co designed the system. The central bank began its pilot use in July last year. So far, about 20 financial institutions have participated in the project, with more expected to join.

Users of the mobile app can make payments and transfer money from their e-wallets by scanning QR codes or tapping in phone numbers. It is expected that the digital currency will support financial inclusion among the large number of unbanked Cambodians.



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Cambodia joins the digital money trend Cambodia on October 28 officially launched a central bank-backed digital currency that draws on blockchain technology designed by a Japanese company, Reuters reported. The virtual money is called “Bakong" after a prominent ancient temple in the country and supports transactions in US dollars and the domestic currency, riel. The launch of the Bakong is meant to help Cambodians make payments and transfer money between individuals using their smartphones. The initiative of the National Bank of Cambodia joins a very small group of digital currencies backed by central banks that have gone fully operational. The...

Cambodia joins the digital money trend

Cambodia on October 28 officially launched a central bank-backed digital currency that draws on blockchain technology designed by a Japanese company, Reuters reported.

The virtual money is called “Bakong” after a prominent ancient temple in the country and supports transactions in US dollars and the domestic currency, riel. The launch of the Bakong is meant to help Cambodians make payments and transfer money between individuals using their smartphones.

The initiative of the National Bank of Cambodia joins a very small group of digital currencies backed by central banks that have gone fully operational.

The virtual money can be used with a mobile app installed on a smartphone. While the number of Cambodians who have traditional bank accounts is limited, smartphones have reached every corner of the country, the report noted.

Using e-wallets on smartphones should support financial inclusion

Japanese financial technology startup Soramitsu Co designed the system. The central bank began its pilot use in July last year. So far, about 20 financial institutions have participated in the project, with more expected to join.

Users of the mobile app can make payments and transfer money from their e-wallets by scanning QR codes or tapping in phone numbers. It is expected that the digital currency will support financial inclusion among the large number of unbanked Cambodians.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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