Emerging countries have begun formally issuing digital currencies ahead of the world’s major economies, in an attempt to expand access to financial services and shore up confidence in their own currencies.
The National Bank of Cambodia on Wednesday launched the Bakong system following a trial period. The new system will make payments easier and facilitate cashless transactions, Chea Serey, director general of the central bank, told a news conference.
The digital currency will not be issued directly by the central bank, but rather through its partner institutions in Cambodia. Anyone with a phone number in the country will be able to use the system to make payments and transfers in riel or dollars.