Shocking headlines surprised cryptocurrency supports on January 31, 2020. The Cambodia National Bank confirmed that they’re developing a blockchain-based digital currency. CNB anticipated their currency to release before June 2020. This information was first provided to newspaper outlets in Cambodia, with praise being handed over to the general director of CNB for implementing this concept.
It should be noted that this banking institution plans to implement the cross-border payment system with this digital currency. Subsequently, the foreign exchange would be brought to Cambodia. Before this announcement was released to Cambodian Reporters, CNB received support from eleven financial institutions in local jurisdictions. It’s anticipated that multiple other finance firms will participate in the upcoming Cambodian Digital Market.
Cambodia National Bank is developing a wallet system for its upcoming digital currency. It was confirmed that this feature would work in association with bank accounts via partnered institutions. CNB mentioned that their considering creating a QR Code System for a physical appeal to Cambodian citizens. However, this will be challenging to accomplish following ASEAN Legislation. Creating this digital currency follows after numerous countries like the United Kingdom and Japan have earned millions in profit via digital markets.
Cheam Serey, the General Director for the Cambodia National Bank, stated to reporters: “Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.”
The President of Phnom Penh Commercial Bank in Cambodia, Shin Chang Moo, allowed his banking institution to participate in this project. He expressed to reporters the following: “We are in the final stages of the deployment. It has taken a little longer than expected because we were ensuring that the system is as useful and convenient for the users as possible. We will offer the service as soon as it launches.”
Those concerned that the upcoming digital currency market in Cambodia will affect traditional financial markets in the region are incorrect. These two financial markets differentiate with each other and won’t share any connections. Subsequently, this eliminates any possibility of standard markets being terminated by modern era trading.