A surge in users of Cambodia’s blockchain payment system, Bakong, might help address dollarization in the country, said Chea Serey, Assistant Governor of the National Bank of Cambodia (NBC).
Speaking to Nikkei Asia this month, Serey said that Bakong would encourage the use of the local currency, with the goal being doe Cambodia to “wean off” its dependence on the U.S. dollar.
While often portrayed as central bank digital currency (CBDC) for Cambodia, the main thrust of Bakong is a mobile payments system that supports both U.S. dollars and riel. The hope is it will promote local currency usage.
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