In October 2020, the Central Bank of Cambodia (NBC) launched Bakong – recognized as one of the world’s first central bank-issued cryptocurrencies. The Bakong app can be used at stores to transfer money. People don’t need a bank account to sign up for Bakong, just a Cambodia mobile number.
Users can send money by scanning a QR code or specifying the recipient’s phone number. Transactions can be made in Cambodian Riel or USD.
According to NBC, the Bakong app has about 270,000 users as of November 2021. However, thanks to NBC actively working with local banks to operate and expand the acceptance of Bakong, the currency has reached about 7.9 million people – almost half of the population of the country. is 16.7 million people.
This figure includes those who are approached indirectly through applications from partner banks. The Bakong system recorded a total of 6.8 million transactions worth about $2.9 billion, as of November.
NBC’s Blockchain-based nationwide payment system is expected to contribute to the development of the country, by creating a comprehensive financial system. In it, people can perform basic financial transactions using smartphones, as well as increase the use of local currency.
NBC has been researching the project since 2016. They started testing Bakong in 2019, before officially operating in 2020. Their ambition with Bakong is to integrate the online banking utility of all financial institutions. major domestic payment service providers under a single platform.
Called the next generation of currency, Bakong allows real-time remittance processing without the need for a centralized clearinghouse. As a result, it eliminates the transfer fee.
Moreover, because it is built on a Blockchain framework called Hyperledger Iroha, this system has pretty good security. In addition, as a central bank operated cryptocurrency, NBC can record all financial transactions with control of Bakong’s main ledger.
According to news.fox-24.com