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The National Bank of Cambodia revealed the technical details of its upcoming blockchain-based payments system dubbed ‘Project Bakong’ this week.
The National Bank of Cambodia (NBC) is readying a central bank digital currency (CBDC) to be launched at some point during the current fiscal quarter.
Cambodia’s Central Bank wants to slash the cost of cross-border payments and is studying how its in-house digital wallet, the Hyperledger Iroha-powered Bakong, might get the job done.
Authorities in Cambodia have announced that domestic investors are now required to obtain a license in order to purchase, sell or trade cryptocurrencies – activities that would be otherwise regarded as illegal.