Cambodia launches blockchain-based interbank platform

In the midst of the global race for digital currencies from the central bank or CBDC by its acronym in English, Cambodia has officially launched a blockchain-based digital money transaction platform called “Bakong”.

“Bakong, an interbank money transfer and payment service or microfinance institution, was founded on the initiative of the National Bank of Cambodia”, said a items from Dap news 28th of October. The central bank of the Asian country worked with several bodies on the project.

Bakong have For the first time the participation of the Cambodian financial giant PRASAC in October 2019. In January 2020 the Central Bank of Cambodia predicted the launch of the platform, Disclosing the system as a closed company.

Cambodia launches blockchain-based interbank platform
Cambodia launches blockchain-based interbank platform

“Bakong is a new and modern payment instrument that enables customers to make interbank transactions and bill payments in a simple, fast, secure and free way”, said the Executive Vice President of PRASAC, Sony Say, as quoted by Dap news.

“I hope that the official launch of the Bakong system today will help promote social welfare and prevent the spread of Covid-19 by providing seamless person-to-person electronic payments.” said the CEO of the Central Bank of Cambodia, Chea Serey, According to informed by The Phnom Penh Post 28th of October. “Online payments can also be made through the Bakong system, which also offers alternative options for … transactions such as deposits and withdrawals, sending and receiving through an electronic wallet.”

However, the Phnom Penh Post article made it clear:

“In response to growing concerns at home and abroad, Serey stressed that Bakong is not a central bank digital currency (CDBC).”

While the news does not definitively confirm the existence of a CBDC as such, the global race for the version of such an asset in each country remains the topic of the moment. The United States has taken a slower approach when it comes to a national digital currency. Striving for efficiency over speed.

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