Cambodia Launches Digital Currency: Key Features

 ASEAN Briefing, Nov 23, 2020

• The National Bank of Cambodia launched its first digital currency, named Bakong, which was co-developed by Japanese fintech firm SORAMITSU.
• A mobile app, also of the same name, was developed to facilitate transactions that can be done using digital riel or US dollars.
• The government hopes Bakong can increase financial inclusion in Cambodia, especially among the unbanked population who constitute a majority.

On October 28, 2020, the National Bank of Cambodia (NBC) launched its first central bank digital currency (CBDC), which draws on blockchain technology co-developed by Japanese fintech firm  SORAMITSU.

The e-money, named Bakong, supports transactions in riel and dollars, can be used through its mobile app. Bakong was initially established in 2017, with the government aiming to tap into the increasing number of internet users in the country, which reached some 9.7 million people and 14.8 million mobile internet subscribers.

Cambodia digital currency, Bakong

Bakong QR Payment 

In full: https://www.aseanbriefing.com/news/cambodia-launches-digital-currency-key-features/

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