Coin Market Update

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.

A new survey has found that financial advisors in the U.S. would be keen to put their clients’ money into cryptocurrency exchange-traded funds (ETFs) – hinting that should Bitcoin ETFs become easily available, widespread BTC adoption could follow.

he findings come from a study entitled “The 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets,” compiled by fund operator Bitwise and media outlet ETF Trends.

According to the company that is unsuccesfully trying to launch its own Bitcoin ETF, these results were consistent with last year’s survey, although the percentage of advisors with a preference for an ETF somewhat increased year over year, up from 62% to 65%.

Also, 37% of advisors stated that “the launch of a Bitcoin ETF” would be “a key factor” that would make them “more comfortable” with the idea of investing in Bitcoin. But first, they need better regulation, better custodial solutions, and better education.

However, some crypto industry players opined that waiting around for regulators to decide what to do about Bitcoin ETFs displays a possible lack of proactive impetus from advisors.

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The findings come less than a year after Bitwise’s senior management made similar claims, stating that as “half the money in the United States is managed by financial advisors,” winning advisors’ confidence could be a watershed moment for Bitcoin.

Also, the authors noted that “some legacy concerns about crypto” are “continuing to fade from view.” Only 6% of advisors believe that cryptocurrencies are a scam,” down from 11% last year. And 13% thought that “cryptocurrencies are in a bubble,” a drop from 2019’s figure of 19%.