The National Bank of Cambodia has been testing its centralized digital currency for quite some time and is now ready to issue it to the general public. Chea Serey, director-general of the National Bank of Cambodia, revealed that the system will be operational in the present quarter.
“The national payment gateway for Cambodia.”
Che Serey described the national digital currency, Bakong, as the national payment gateway for Cambodia. She said that the Bakong would play a central role in bringing all players in the payment space in Cambodia under the same platform, which would make it easier for end-users to pay each other regardless of institutions they bank with. The bank hopes to enable cross-border payment through the Bakong system.
Payments will be fully traceable.
The President of Phnom Penh Commercial Bank, Shin Chang Moo, informed that they are in the final stages of the deployment. “It has taken a little longer than expected because we are ensuring that the system is as useful and convenient for users as possible,” he added. PPC Bank is one of the members that has helped in the development of Bakong. Shin Chang also noted that the highly centralized currency will eliminate the possibility of speculations, and each transaction will be fully traceable.