Cambodia Aims To Launch CBDC Payment System

Two years after reports of new crypto, Cambodia aims to fulfill the goal of emitting a central bank digital currency (CBDC) payment system, as we are reading further in the latest cryptocurrency news.

According to a Cambodian daily Phnom Penh Post, the nation’s central bank has the goal to produce “Project Bakong,” a blockchain-powered money transfer platform that features a central bank digital currency (CBDC).

The director-general of the National Bank of Cambodia (NBC), Chea Serey, states that the central bank digital currency (CBDC) is already backed by 11 out of 43 commercial banks in the nation. According to Serey, other financial institutions will join the platform and make the use of the central bank digital currency (CBDC) once the digital currency starts to circulate. Noting on the near launch of Project Bakong, director Chea Serey says:

 “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. Eventually, we hope to allow cross border payment through the Bakong system too.”

The central bank of Cambodia will maintain centralized control of the central bank digital currency named Project Bakong, with a closed system that will include participants like banks and other financial institutions in the nation. Allegedly Project Bakong went into a trial phase in July 2019 with the final launch expected before the start of the second quarter of 2020. The creation of central bank digital currency by Cambodia is in an environment where cryptocurrencies are still illegal in the country. The National Bank of Cambodia (NBC) like most of the other central banks in the world has made warnings about the risks that are in the neighborhood of cryptocurrency dealings.
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Back in 2018, reports were published of a certain native cryptocurrency project named Entapay. Then proponents marketed the payment unit as a substitute for payment services like VISA in Cambodia. But the project did not succeed, and for almost two years there were no new movements in the cryptocurrency sphere in Cambodia. Besides the claims that the government had endorsed the project, the National Bank of Cambodia (NBC) and the Exchange Commission of Cambodia (SECC) have denied such endorsements.