Cambodia explores cross-border transactions of CBDC-like Bakong

The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency-like initiative known as Bakong, disclosing several project milestones.

NBC’s director-general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Based on blockchain technology, the Bakong payment and money transfer service was originally launched by NBC in October 2020.

The digital money project has amassed nearly 6 million users in the first half of 2021, including those reached indirectly through member bank mobile apps, recording a total of 1.4 million transactions worth nearly $500 million, Serey noted.

The official disclosed that the NBC is currently exploring cross-border transactions through Bakong, closely working with Thailand’s central bank and Malaysia’s largest bank, Maybank. Serey explained that the cross-border Bakong transactions would provide Cambodian people in foreign countries with a “safe and efficient way to send money to their families.” She noted that the

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Source: Cambodia explores cross-border transactions of CBDC-like Bakong

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