Cambodia Central Bank Launches Bakong Blockchain Payments System

Cambodia’s blockchain-based payments platform – the digital currency-like system Cambodian central bankers call Bakong – went live.

Bakong’s launch grants Cambodians a state-sanctioned platform for conducting instant mobile payments, with QR codes and phone numbers connecting digital wallets over a blockchain.

The National Bank of Cambodia hosts Bakong atop the Hyperledger Iroha blockchain designed by Japanese technology company Soramitsu.

Unlike most central bank digital currency projects, Bakong does not involve digitally native money – it is entirely fiat-backed. Users can make payments backed by their dollar or riel reserves.

Read more: Coidesk