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The bakong, a digital currency operated by the National Bank of Cambodia (NBC), will provide users with access to the Alipay merchant network and enable cross-border transactions on Alipay+ using QR codes under a memorandum of understanding (MoU) signed at the FinTech Expo in Singapore, the local press reported.The bakong
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Cambodia’s central bank is working towards widespread adoption of its central bank digital currency (CBDC) with the ultimate aim of eliminating the US dollar hegemony in the country. Project Bakong to Eliminate USD Dependence Speaking to Nikkei Asia, the director-general of the National Bank of Cambodia (NBC) Chea Serey, noted that Project
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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.
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Cambodia sees Bakong as a critical step in modernizing its payment system and de-dollarizing its economy. Source
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