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Cambodia Central Bank Launches Bakong Blockchain Payments System

Cambodia’s blockchain-essentially based entirely mostly payments platform – the digital forex-take care of plot Cambodian central bankers name Bakong – went dwell on Wednesday, in line with the country’s central bank.

  • Bakong’s delivery grants Cambodians a deliver-sanctioned platform for conducting instantaneous cell payments, with QR codes and cell phone numbers connecting digital wallets over a blockchain.
  • The Nationwide Monetary institution of Cambodia hosts Bakong atop the Hyperledger Iroha blockchain designed by Japanese know-how company Soramitsu.
  • Unlike most central bank digital forex initiatives, Bakong would now not own digitally native cash – it’s entirely fiat-backed. Customers can score payments backed by their greenback or riel reserves.
  • Cambodia sees Bakong as a excessive step in modernizing its payment plot and de-dollarizing its economy.
  • Undertaking-lead Serey Chea, an assistant governor at the central bank, furthermore claimed Wednesday that Bakong’s e-payments would abet live the unfold of COVID-19.
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