{"id":195969,"date":"2020-01-31T07:08:01","date_gmt":"2020-01-31T04:08:01","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/cambodia-just-months-away-from-launching-its-own-digital-currency\/"},"modified":"2020-01-31T07:08:01","modified_gmt":"2020-01-31T04:08:01","slug":"cambodia-just-months-away-from-launching-its-own-digital-currency","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/cambodia-just-months-away-from-launching-its-own-digital-currency\/","title":{"rendered":"Cambodia just months away from launching its own digital currency"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2020\/01\/cambodia-796x448.jpg\" \/><\/p>\n<div>\n<p>Cambodia\u2019s central bank is readying to launch its blockchain-based, peer-to-peer money platform within the next few months, Phnom Penh Post reports.<\/p>\n<p>The system, named \u2018Project Bakong,\u2019 is a payments app powered by a central bank digital currency (CBDC). National Bank of Cambodia (NBC) chairman Chea Serey described it as \u201cthe national payment gateway for Cambodia.\u201d<\/p>\n<p>The current Bakong implementation links to users\u2019 bank accounts to exchange the CBDC with hard currency.<\/p>\n<p>An exec from one participating bank told reporters that\u00a0<em>Bakong<\/em> is cheaper and more convenient than credit and debit cards, before noting that some banks might lose some of their market share in the short term.<\/p>\n<p>Having tested\u00a0<em>Bakong<\/em> since July last year, the bank expects it to be fully operational by the end of this quarter. The system currently has the support of 11 banks, and is to be rolled out in bank branches across the country soon.<\/p>\n<p>A World Economic Forum release from December notes the system seeks to connects a fragmented payments economy that\u2019s dominated by heavy cash usage with \u201ccommercial banks, merchants, and the country\u2019s largely underbanked population to reduce payments frictions and increase financial inclusion.\u201d<\/p>\n<p>Earlier this week, Hard Fork reported that a raft of European central banks, including the\u00a0Bank of International Settlements, teamed up to explore potential use cases of CBDCs, with cross-border payments and interoperability as the main areas of interest.<\/p>\n<p class=\"c-post-pubDate\">\n                                    Published January 30, 2020 \u2014 16:18 UTC\n                                <\/p>\n<\/p><\/div>\n<p><script data-src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&amp;appId=378011798897423&amp;version=v2.6\" id=\"socialSrcFacebook\" type=\"text\/template\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/thenextweb.com\/hardfork\/2020\/01\/30\/cambodia-blockchain-central-bank-digital-currency-launch\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Cambodia\u2019s central bank is readying to launch its blockchain-based, peer-to-peer money platform within the next few months, Phnom Penh Post reports. The system, named \u2018Project Bakong,\u2019 is a payments app powered by a central bank digital currency (CBDC). National Bank of Cambodia (NBC) chairman Chea Serey described it as \u201cthe national payment gateway for &hellip;<\/p>\n","protected":false},"author":1,"featured_media":195970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-195969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-world"],"_links":{"self":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/195969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/comments?post=195969"}],"version-history":[{"count":0,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/195969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media\/195970"}],"wp:attachment":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media?parent=195969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/categories?post=195969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/tags?post=195969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}