Cambodia’s central bank digital currency (CBDC) has “launched,” said the central National Bank of Cambodia and Soramitsu, the Japanese company co-working with the central bank on the project. And the Japanese firm stated that other projects in “other countries” are also in the pipelines.
Per the Bangkok Post and Japan’s Coin Post, the parties held an unveiling event for the token, named the Bakong, yesterday, stating that it has now become “fully operational” – following extensive pilots and limited-scope rollouts.
The National Bank stated that the Bakong, which will operate via a smartphone app, supports transactions in the United States dollar and the Cambodian fiat riel.
Some 20 banks and other financial institutions began making use of the token earlier this year, but the National Bank said the Bakong is now in general circulation.
The token makes use of the Hyperledger Iroha blockchain platform and a Sorimitsu-developed “unique consensus algorithm” that can verify transactions across a distributed ledger to “eliminate” fraud risks and double payments.
The CEO of Soramitsu, said,
“It is an honor for our technology to be recognized in this manner by the National Bank.”