Cambodian National Bank Will Launch a Digital Payment Network This Quarter
Gurmeet Singh February 1, 2020
The National Bank of Cambodia announced to introduce a new digital currency in the market called Bakong. Through this digital currency, the users can create a Bakong wallet that will be automatically linked to their bank accounts. This digital currency will allow currency exchange into the new CBDC. The National Bank of Cambodia will trace the payment transaction made within this platform. It is going to bring a vast change in Cambodia’s financial system.
Well! It is hard to predict the exact date of launch but as per the source, this cryptocurrency solution will coming soon. As compared to other payment methods, Bakong is cheaper and more convenient. Till date, we can say CBDC is a more efficient method of online transaction in this digital world. This amazing software is designed by the Japanese blockchain company Soramitsu. It is developed to deal with each and every currency including cryptocurrency.
CBDC gonna play an important role for crypto lovers. Bakong will offer great platform users in the payment domain in Cambodia. It is easy for end-users to pay each other regardless of the organizations. Initially, it is designed for domestic payments in Cambodia. However, NBC plans to integrate a cross-border payments facility.
Quasi-form CBDC can easily be used from mobile devices. Bakong is a closed system that’s funded by banking governments. It is an initiative taken to support the government in the role of implementing a QR based transaction in the country. It has provided a secure platform for the users to connect and have an easy transfer of currency. The payment wallet is linked to an individual bank account so that they can have easy commerce with hard currency.
Cambodia’s government had previously published laws for a cryptocurrency business license. You will get the services of CBDC throughout the country very soon.