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Cambodia Launches Blockchain-Based Platform “Bakong” For Digital Money Transactions

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 project.

Bakong first secured involvement from Cambodian financial giant PRASAC in October 2019. In January 2020, Cambodia’s central bank forecast the platform’s launch, revealing the system as a closed-circuit enterprise. 

#Cambodia created a new #blockchain -based payment system, but it isn't a #CBDC, @benjaminpirus reports. — Cointelegraph (@Cointelegraph) October 28, 2020

Sony Say, the Executive Vice President of PRASAC, said:

“Bakong is a new and modern payment tool that allows customers to make interbank transactions and bill payments easily, quickly, securely and free of charge.”

Likewise, Chea Serey, the Director General of Cambodian Central Bank, said:

“I hope the official launch of the Bakong System today will help promote social welfare and also prevent the spread of [Covid-19] by providing seamless e-payments from person to person. Online payments can also be made through Bakong System, which also offers alternative options for … transactions such as deposits, withdrawals, sending and receiving [via] e-wallet.”

Thus, the Phnom Penh Post article clarified:

“In response to rising concerns domestically and internationally, Serey stressed that Bakong is not a Central Bank Digital Currency.” 

Source: Cointelegraph



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