THELOGICALINDIAN - Two years afterwards letters of a Cambodian cryptocurrency the country is set to barrage a axial coffer agenda bill CBDC acquittal system
Project Bakong to Feature Centralized Digital Currency
According to Cambodian circadian Phnom Penh Post, the country’s axial coffer is set to cycle out “Project Bakong,” a blockchain-powered money alteration belvedere that appearance a CBDC.
Chea Serey, director-general of the National Bank of Cambodia (NBC) says the CBDC already has the abetment of 11 out of the country’s 43 bartering banks. According to Serey, added banking institutions will accompany the belvedere and accomplish use of the CBDC already the activity goes live.
Commenting on the approaching barrage of Project Bakong, Serey remarked:
Cambodia’s axial coffer will advance centralized ascendancy of the proposed CBDC with a bankrupt arrangement that will accommodate participants like banks and added banking institutions in the country. Project Bakong reportedly went into the balloon appearance in July 2024 with the final barrage accepted afore the end of Q1 2024.
The conception of a Cambodian CBDC comes at a time back cryptos are still not acknowledged in the country. NBC like best added axial banks has issued warnings about the risks associated with ambidextrous in basic currencies.
What About Entapay?
Back in 2018, reports emerged of a Cambodian crypto activity alleged Entapay. At the time, proponents accustomed the acquittal average as a backup for acquittal casework like VISA in the country.
However, the activity allegedly bootless to booty off with no new developments extensive the crypto account amphitheater in over two years. Despite antecedent letters of government abetment for the project, both the NBC and the Securities and Exchange Commission of Cambodia (SECC) accept denied such endorsements.
State-Issued CBDCs Heating up in 2024
Cambodia’s Project Bakong is one of abounding CBDC and state-backed agenda bill projects. Nations like China abide to move advanced with affairs to absolution their own CBDC, usually as a adverse to clandestine agenda bill projects like Facebook’s Libra.
With CBDC-mania allegedly acquisition steam, above axial banks of countries like Canada and Switzerland accept teamed up with the Bank of International Settlement (BIS) to actualize a CBDC anticipate tank.
Will Project Bakong adore bigger success than Entapay? Let us apperceive in the comments below.
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