Central Bank of Cambodia Launches Blockchain-Based Payment System

Central Bank of Cambodia Launches Blockchain-Based Payment System

The National Bank of Cambodia has announced the launch of a government blockchain platform for instant money transfers.

Bakong payment system is not a digital currency project, since users work with fiat in it. The platform allows you to make mobile payments from personal e-wallets in US dollars or local riels. Transfers can be made using a QR code or a phone number.

The blockchain in this system acts as a link between all wallets. This allows users to quickly and securely make interbank transfers and other transactions without transaction fees.

NBK Governor Chea Serey also expects Bakong to help slow the spread of COVID-19 in the country.

Central banks are actively integrating distributed ledger technologies into their operations. Earlier this month, the Bank of Thailand used a blockchain platform to issue $ 1.6 billion in government savings bonds.

, Reuters

Central Bank of Cambodia Launches Blockchain-Based Payment System

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