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.
Mercedes will use blockchain to track carbon emissions as Ditto Music & PSG soccer club launch blockchain projects. Singapore has also ventured into regulations.
Project Bakong will deploy blockchain-powered technology across Cambodia’s payment networks, and will feature a central bank digital currency.
Led by its Chairman Xi Jinping, China is all in on blockchain as Bahamas explores CBDC. Regulators are also stepping up their game as blockchain makes its mark
The Central Bank of Cambodia is examining how digital payment platforms can reduce the costs of cross-border payments.
Oxfam plans to initiate a blockchain-backed project that will help rice farmers in Cambodia get better prices for their products.