Cambodia’s central bank is getting set to launch the country’s central bank digital currency (CBDC) in conjunction with almost a dozen commercial banks. APAC nations continue to develop sovereign digital currencies mainly to challenge U.S. Dollar (USD) within their economies and keep up with China’s accelerated progress in the emerging digital economy.
According to The Phnom Penh Post, the National Bank of Cambodia (NBC) — the country’s central bank — is set to roll out its CBDC in the coming months. Chea Serey, director-general of the NBC revealed that 11 banks are already part of Cambodia’s CBDC initiative dubbed “Project Bakong.”
Commenting on the need for a CBDC in Cambodia, Serey highlighted the fact that Bakong will serve as the country’s national payment gateway, adding:
“Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”