Cambodia Cambodia Managing Central Bank said that the Nether Digital Currency Network will start functioning in the current quarter.
The new system called Bakong will combine all participants in the country’s payment space within a single platform. According to Chea Serya, end users will be able to freely make translations and carry out settlements with each other, no matter what banks they cooperate. Ultimately, Cambodia hopes to use this network for cross-border payments.
Bakong is a digital currency of the central bank based on the blockchain, but in contrast to most cryptocurrencies, is a closed system controlled by the authorities. All wallets will be tied to user bank accounts to simplify interaction with fiatat. The network will allow transactions in real time, but the National Bank of Cambodia will save all records about moving funds.
Testing Baccona began in July 2019.
Despite the centralization of the payment network, the project will simplify calculations and ensure their safety, which will become a significant step in the development of the country’s financial system and will contribute to the adoption of digital currencies in general.
The theme of digital currencies is becoming increasingly popular, so recently the six largest central banks of the world
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