Cambodia will launch the national digital currency until April 2020

Chea Serei, Governor of the Central Bank of Cambodia, said the national digital currency network will begin operating in the current quarter.

A new system called Bakong will allowto unite all participants of the country's payment space in one platform. According to Chea Sereia, end users will be able to freely make transfers and make settlements with each other, regardless of which banks they cooperate with. Ultimately, Cambodia hopes to use this network for cross-border payments.

Bakong presentsis a digital currency of the centralblockchain-based bank, but unlike most cryptocurrencies, it is a closed system controlled by the authorities. All wallets will be linked to users' bank accounts to simplify interaction with fiat. The network will allow transactions to be carried out in real time, but the National Bank of Cambodia will maintain all records of the movement of funds.

Testing Bakong began in July 2019.

Despite the centralization of the payment network, the projectit will simplify calculations and ensure their safety, which will be a significant step in the development of the financial system of the country and will contribute to the adoption of digital currencies in general.

The topic of digital currencies is becoming increasingly popular, so the six largest central banks in the world recently agreed to conduct joint research in this direction.

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