The central bank of Cambodia’s digital currency has begun trial operation and is scheduled to be put into use at the end of September

The President of the National Bank of Cambodia (NBC) Chea Serey stated that he plans to launch a blockchain-based peer-to-peer payment and transfer platform in the next few months. The plan is called “Bakong” and has received support from 11 banks. More banks are joining. Bakong is essentially a form of central bank digital currency (CBDC), which has been trial run in July and will be put into use within this fiscal quarter. Chea Serey calls the system “Cambodia’s National Payment Gateway.” According to previous reports from Chain News, at the beginning of this year, the Central Bank of Cambodia announced the launch of Bakong, a blockchain-based national digital currency project, and released Bakong’s white paper last month. The Central Bank of Cambodia stated that Bakong helps Cambodians use QR codes and mobile apps to replace traditional paper money payment methods, thereby helping to reduce the dollar’s dominance in the country.