Cambodia's Bakong hits an estimated 60% adoption rate as the National Bank of Cambodia expands its collaboration with global financial institutions, striking cross-border deals with Alipay and Southeast Asia.
Cambodia’s blockchain-based CBDC has partnered with Alipay for cross-border transactions, enhancing trade ties with China and enabling global access for Cambodian residents.
The feature allows merchants to accept mobile payments from any payment service provider using a QR code supported by the National Bank of Cambodia's blockchain-based peer-to-peer payments system.
Cambodia is only the second country anywhere in the world to have launched a central bank digital currency, with its Bakong currency going live in October 2020.
Bakong is in testing since July and is expected to be up and running by the end of the quarter, according to a central bank official.
Cambodia intends on launching the DLT-based payment network before the end of 2020 to cut down the use of U.S. dollar which accounts for 80% of payments.
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Project Bakong will deploy blockchain-powered technology across Cambodia’s payment networks, and will feature a central bank digital currency.
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The Central Bank of Cambodia is examining how digital payment platforms can reduce the costs of cross-border payments.
Phnom Penh will get a mutli-use blockchain area from the Singaporean start-up
Oxfam plans to initiate a blockchain-backed project that will help rice farmers in Cambodia get better prices for their products.
