Cambodia aims to wean off US dollar dependence with digital currency

Central banks across the world are rushing to develop their own digital currencies in a bid to provide safe and convenient payment systems as digitalization rapidly expands to many segments of the economy.

China has been testing its digital yuan in multiple cities while the European Central Bank announced last month plans to proceed with its digital euro project and launch a two-year investigation that will look into the development and impacts of a central bank digital currency (CBDC).

While over 60 central banks are exploring the possibilities of a CBDC, it is Cambodia that so far leads the race.

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