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Cambodia launch blockchain payment platform

Cambodia launch blockchain payment platform – TecNoticias, your information portal

Credit: Elena Lenalensen – Pixabay

the Bank of Cambodia announced that his blockchain payment platform will be released during the first quarter of 2020.

As more and more central banks are active around the digital currencythe National Bank of Cambodia (NBC) is preparing to launch a platform based on blockchain and operating with a "quasi" digital currency of the central bank (CBDC), informs PhnompenhPost.

The Red Bank pattern, Chea SereyHe said the payment and money transfer platform, tested since the summer of 2019 and called Bakong project, will be officially launched in the next two months.

This is the new national payment gateway for Cambodia", She said.

Already supported by 11 large banks, the project bakong play a central role in bringing together all the actors in the payment sector in Cambodia making it easier for clients of different financial institutions across the country to send money between them.

Ultimately, we also hope to allow cross-border payments goes bakong"Agreg Serey.

The NBC also specifies that, unlike most decentralized cryptocurrencies, such as Bitcoin and Ethereum, bakong It is a completely closed system.

According to the president of the Commercial Bank of Phnom PenhShin Chang Moo bakong It is "cheaper and more convenient" than traditional payment methods.

Some fear that banks will lose market share to bakong. This is partly true, at least in the short term. However, our industry is relatively immature. Bakong finally create financially inclusive ecosystems from which all participants can benefit, he said.

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