Cambodia Launches National Digital Currency
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The National Bank of Cambodia (NBC) has officially launched its own digital currency dubbed 'Bakong,' The Bangkok Post has learned.

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The blockchain-based currency supports operations in both the US dollar and Cambodian riel. The e-currency, which is backed by the NBC, has reportedly been designed by a Japanese startup Soramitsu Co.

Chea Serey, Director general of central banking at the National Bank of Cambodia, hopes that Bakong will play pivotal a role in fighting the spread of COVID-19:

"I hope the official launch of Bakong system today will help to promote social welfare and also prevent the spread of that disease through facilitating e-payment from person to person seamlessly without involving cash."

With Bakong, users can make payments and transfer money from their e-wallets by scanning QR codes or phone numbers via the mobile application.

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The NBC first announced plans to launch its own digital currency in January 2020. Back then Serey said that unlike most blockchains, Bakong would be operated in a closed system supported by the Cambodian banking authorities.

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