Central Bank of Cambodia Launches Blockchain-Based Payment System

National Bank of Cambodia announced the launch of a state 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 with 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 connecting link between all wallets. This allows users to quickly and safely make interbank transfers and other transactions without transaction fees..

Central Bank of Cambodia Launches Blockchain-Based Payment System

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, Bank of Thailand used blockchain platform to issue $ 1.6 billion government savings bonds.

Central Bank of Cambodia Launches Blockchain-Based Payment System

text: Ivan Malichenko, photo: Reuters

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