Cambodia explores cross-border transactions of CBDC-like Bakong
Launched in late 2020, Cambodia’s digital money project Bakong reached 200,000 users in June, doubling from three months earlier. 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....
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Cambodia sees Bakong as a critical step in modernizing its payment system and de-dollarizing its economy.
But don’t call it a CBDC, says central bank reps. Amid a global race toward central bank digital currencies, or CBDCs, Cambodia officially launched a blockchain-based platform for digital money transactions called Bakong. "Bakong, a payment and money transfer service through banks or microfinance institutions, was established under the initiative of the National Bank of Cambodia," said an article from Dap-News on Oct. 28. The Asian country's central bank collaborated with a number of entities on the project.Bakong first secured involvement from Cambodian financial giant PRASAC in October....
Soramitsu, the firm that helped build Cambodia’s Bakong digital payments system, will work with the Laos government to research what a Laotian CBDC might look like. Laos has become the latest nation to begin exploring a central bank digital currency (CBDC), announcing upcoming research on the subject in partnership with Japanese distributed ledger technology (DLT) firm Soramitsu.According to an Oct. 3 report from Nikkei Asia, the project is expected to begin this month and follows the signing of a memorandum of understanding between Laos’ central bank and the Japan International....
The world is gradually heading towards a cashless society such as CBDC making cash payments obsolete. When this happens, fiat currencies might no more be in use. So central banks are aggressively launching Central Bank Digital Currencies for easy virtual transactions. Many countries are either in the process of developing their Central Bank Digital Currency (CBDC) or have already done so. Moving forward for CBDC adoption in cross-border payments, the Bank of International Settlements (BIS) started testing a multi-jurisdictional CBDC one month ago. The BIS has announced the successful....
Several solutions can potentially improve cross-border payments significantly and central bank digital currency (CBDC) could be the “holy grail,” according to the European Central Bank (ECB). In a new report, the eurozone’s monetary authority also claims stablecoins, among other options, are “problematic.”
‘Holy Grail’ of Cross-Border Payments in Reach Through CBDC, European Central Bank Insists
Cross-border payments should be immediate, cheap, universal, and settled in a secure medium, the European Central Bank remarks in a....