Cambodia is planning to launch a “quasi” central bank digital currency (CBDC) in a matter of months, according to local newspaper Phnom Penh Post. The National Bank of Cambodia partnered with Japanese blockchain firm Soramitsu which built a real-time gross payment system (RTGPS) based on the Hyperledger Iroha distributed ledger technology (DLT).
The primary application of the “Bakong” project is for payments, and its mobile payments app is integrated with eleven banks. The digital wallets are linked to bank accounts, but only 20-30% of the population currently have accounts.
Three months ago we reported that the Bakong system was already processing millions of dollars for retail transactions as part of its test phase.
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