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.
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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