The CBDC will be a wake-up call

The Central Bank of Cambodia is set to launch a central bank digital currency (CBDC) with the participation of several commercial entitiesbanks.

The countries of the Asian-Pacific region continueTo develop sovereign digital currencies, in the main way, in order to challenge the US dollar (USD) and not leave China's oversight in the shaping digital economy.

It is common that the National Bank of Cambodia (NBK),The central bank of the country intends to launch CBDC in the coming months. The general director of the NBK Chea Cepey announced that 11 banks will already take part in the launch of the CBDC Cambodia, which has received the name "Project Banking".

Commenting on the need for CBDC to appear in the country, Sepey emphasized that BACON will act as the country's national payment gateway:

«Bakong will play a central role inuniting all players of the payment space in Cambodia on one platform, which will allow consumers to pay each other regardless of which banking institutions they deal with».

Bacon wallets will be linked to the user's bank accounts, transactions will be processed in real time.

The amount of interbank calculations, the managerThe central bank has announced that Cambodia plans to use the project Bacon for transfer payments. According to the president of the commercial bank Pnompen Shin Chang Mu, one of the 11 banks involved in the project, plans for the development of filing in the process have already been determined.

It is known that the testing has already reachedthe advanced stage, and before starting a full-scale deployment of the system, the developers check out the smallest details. Here, I agreed that the system of commercial banks will not be destroyed, the inconvenience may be only at the first stages.

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