The National Bank of Cambodia has officially launched the state payment system "Bakong".
The system works on the basis of blockchain technologyHyperledger Iroha, it connects banks and users. So far, there are two currencies inside it - the riel, the Cambodian currency, and the US dollar. The creators of the system note that 18 financial institutions and thousands of users have joined it since the launch.
The project developers are sure that Bakongwill accelerate the digitalization of the country's economy and open access to financial services for the majority of the population. According to government statistics, now only 22% of residents have access to banking services, but the majority have smartphones. This platform will make transfers and cashless payments easier.
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Bakong does not use its digital moneywithin the platform, but users can pay or make transfers using dollars or local currency. Cambodia plans to expand the experiment and further modernize the country's digital economy.
"Bakong" is a mobile application (similar tobank applications), in which they can see the history of their operations, receive and transfer money by phone number or QR code, withdraw funds to a traditional bank account. For commercial banks, it is a system of instant interbank transfers and monitoring of their clients' transactions.
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