Cambodia to Use its Blockchain Digital Wallet to Cut Cross-Border Fees

Regardless of how much opposition they face, the digital currency space is growing in its popularity and prominence among countries. Now, the latest of the nations to accept this revolutionary technology seems to be the Southeast Asian nation of Cambodia.

According to an agreement signed by the National Bank of Cambodia (NBC) and the Maybank (a universal banking institution based out of Malaysia), it would seem that the government of Cambodia will now be looking to use the Bakong, a Hyperledger Iroha-powered digital wallet, to reduce the cost of making cross-border payments.

The agreement in question was signed earlier this month, and it will see both the NBC and Maybank look into how Bakong and Maybank2u (a separate digital payment platform developed and owned by Maybank) can be used to help reduce remittance fees. Cambodia and Thailand are neighbors, with only the Gulf of Thailand separating both countries. However, remittance fees between both countries, regardless of their relatively close distance, seem to be crippling.

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