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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