Cambodia launches central bank-backed digital currency

Thursday 29 October 2020 14:39 CET | News

Cambodia has officially launched a central bank-backed digital currency that draws on blockchain technology designed by a Soramitsu, a Japanese fintech.

The emoney Bakong, an initiative of the National Bank of Cambodia, joins a small group of digital currencies backed by central banks that have gone fully operational. Bakong, which supports transactions in the dollar and riel, the Cambodian currency, is expected to help Cambodians make payments and transfer money between individuals using their smartphones.

The currency can be used through the mobile app. While the number of Cambodians who have traditional bank accounts is limited, smartphones have an extended reach in the Southeast Asian country.

Users of the mobile app can make payments and transfer money from their ewallets by scanning QR codes or tapping in phone numbers.

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Keywords: Cambodia, digital currency, central bank, blockchain, Soramitsu, eMoney, National Bank of Cambodia, Bakong, mobile banking
Categories: DeFi & Crypto & Web3
Countries: Cambodia
This article is part of category

DeFi & Crypto & Web3