The central bank of Cambodia is going to launch a new cryptocurrency is named Bakong.
CBDC, the central bank digital currency, of Cambodia’s cryptocurrency will launch in July. This coin is on a trial basis and will launch throughout the country.
Bakong Cryptocurrency
Chea Serey, the director-general of the National bank of Cambodia, stated this new cryptocurrency will be operating within the first quarter. Chea described the coin Bakong as “the national payment gateway for Cambodia.”
Certainly, Bakong will bring all the users in one common platform in the country. It will make very easier for the end-users for payments regardless of their banks. This may also use the cross-border payment system. As a result, the new coin will cut down the charges in the payment system. Bakong will bring tremendous changes in Cambodia.
Centralized Cryptocurrency
Most of the cryptocurrencies are decentralized blockchain system. But, Bakong is a centralized blockchain-based cryptocurrency. For every user, a software wallet linked to their bank accounts. These wallets will interact with the users’ hard currency very easily. National Bank of Cambodia records each real-time transaction. And also, the bank stores centralized records for money flow.
Previously, the Cambodian government studied cryptocurrency and also blockchain technology applications. In the past, the nation had issued the requirements for the cryptocurrency operation license. And it gave the way to the digital currency operations in the country.
Now, the Cambodian government ready to launch its cryptocurrency in the country. Every citizen will ready to use the new cryptocurrency in their day to day life.
It is very initiative step by the government