Cambodia officially launches quasi-CBDC

Cambodia’s blockchain-powered payment system goes live

The National Bank of Cambodia
The National Bank of Cambodia
Paxse / Wikimedia

Cambodia’s central bank officially launched its blockchain-powered payment system, named Project Bakong, on October 28, becoming the first central bank in Asia to go live with such a system.

The peer-to-peer payment system runs on blockchain but unlikely many CBDC prototypes it does not involve the exchange of central bank-backed tokens. Bakong supports transactions in both Cambodian riel and US dollar. 

The quasi-central bank digital currency (CBDC) aims to reduce money transfer costs

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