Amid a global race toward central bank digital currencies, or CBDCs, Cambodia officially launched a blockchain-based platform for digital money transactions called Bakong.
“Bakong, a payment and money transfer service through banks or microfinance institutions, was established under the initiative of the National Bank of Cambodia,” said an article from Dap-News on Oct. 28. The Asian country’s central bank collaborated with a number of entities on the project.
Bakong first secured involvement from Cambodian financial giant PRASAC in October 2019. In January 2020, Cambodia’s central bank forecast the platform’s launch, revealing the system as a closed circuit enterprise.