SINGAPORE — A digital currency run by the Cambodian central bank has been named one of the Awards for Excellence winners of the 2021 Nikkei Superior Products and Services Awards for its innovative technology and impact on the country’s economic and social development, Nikkei announced on Tuesday.
Called Bakong, the blockchain-based nationwide payment system from the National Bank of Cambodia officially launched in October 2020 and is recognized as one of the world’s first central bank digital currencies (CBDC).
The central bank hopes it will contribute to the country’s development by creating an inclusive financial system in which people can perform basic financial transactions with their smartphones.
The associated Bakong smartphone app can be used at stores and for transferring money. People do not need a bank account to register for Bakong, as long as they have a Cambodian mobile phone number. Users can send funds by scanning QR codes or specifying the recipient’s phone number. Transactions can be performed in the Cambodian riel or U.S. dollar.
According to the central bank, the Bakong app had roughly 270,000 users as of November.
Read full article: asia.nikkei.com