Cambodia officially launched a blockchain-based platform for digital money transactions named “Bakong” amidst a global race toward central bank digital currencies (CBDCs). On October 28, it has been reported by Dap-News that Bakong is a payment and money transfer service through banks or microfinance institutions that were established under the initiative of the National Bank of Cambodia. However, the Asian country’s central bank collaborated with a number of entities on the

The National Bank of Cambodia has revealed the technical details of its upcoming blockchain-based payments system named ‘Project Bakong’ this week. It has been reported that according to the white paper published on June 18, the central bank has viewed its quasi-digital currency project as a high-tech revamp of the Khmer Riel, Cambodia’s official currency, as locals have favored the US dollar for decades. However, the central bank said that Bakong will help challenge the doll