Cambodia Readies a Blockchain-Based Digital Currency

The Nationwide Financial institution of Cambodia (NBC) is readying a central financial institution digital forex (CBDC) to be launched sooner or later throughout the present fiscal quarter.

Chea Serey, NBC’s director-general, instructed the Phnom Penh Publish this week the central financial institution was growing “the nationwide cost gateway for Cambodia” as a blockchain-based, peer-to-peer platform with its personal specifically designed cryptocurrency. She didn’t give a particular date on when the CBDC can be launched.

Referred to as “Undertaking Bakong” and first trialed by NBC in July 2019, the CBDC will work on a closed system supported by its banking members, certainly one of them, Phnom Penh Business Financial institution (PPCBank) President Shin Chang Moo, instructed The Publish.

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