Cambodia officially launches national digital currency – Bakong

Posted:: Oct 29, 2020 13:55 Category: Asia , Deep Tech , Online , Payments , Regulatory , Posted by
Ravindu Dabarera

This currency can be used through a mobile app installed on a smartphone

Yesterday, October 28th, Cambodia officially launched a digital currency issuance plan supported by the central bank. This currency draws on blockchain technology designed by a well-known Japanese financial technology startup, Soramitsu Co.

The Bakong system is named after the famous ancient temple ‘Bakong Temple’ in Cambodia. This system supports transactions between the U.S. dollar and the Cambodian riel.

The National Bank of Cambodia’s director general of central banking, Chea Serey (seen left), said “I hope the official launch of Bakong system today will help to promote social welfare and also prevent the spread of that disease through facilitating e-payment from person to person seamlessly without involving cash.” Serey hopes that electronic money will play a role in preventing the spread of COVID-19.

Not all citizens have access to a bank account in Cambodia and due to the underdevelopment of financial services there, transactions between small businesses in Cambodia are often dominated by large amounts of cash. So far, about 20 financial institutions have participated in this project, and dozens of financial institutions are also expected to join.

About SiGMA’s revamped website:

SiGMA Group is excited to announce the launch of its newly revamped website. The website is currently available in 5 languages, English, Russian, Mandarin, Portuguese, and Spanish with plans to add another 5 languages over the coming months – namely French, Thai, Korean, Japanese, and Hindi.

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