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Central Bank Governor Chea Serey on Bakong CBDC
Central Bank Governor Chea Serey recently discussed how the Central Bank Digital Currency (CBDC) Bakong could enhance the adoption of Cambodia’s Riel currency, particularly in cross-border QR payments.
Cambodia’s Currency System Evolution
In an exclusive interview at Nikkei’s Future of Asia conference, Chea Serey highlighted the evolving dynamics of Cambodia’s currency system and the efforts to promote the use of the local currency, Riel.
Significant Progress in ASEAN Digital Payments Integration
At the Nikkei Forum 29th Future of Asia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Governor of the National Bank of Cambodia (NBC), Dr. Chea Serey, to discuss the advancements in ASEAN digital payments integration.
Bakong CBDC Usage and Growth
Since its inception in 2020, the Bakong CBDC has facilitated over $70 billion in digital payments, showcasing significant growth and adoption within Cambodia.
Promoting Riel through Cross-Border Transactions
Cross-border transactions play a crucial role in encouraging the use of the Riel, with Bakong enabling QR code-based payments between Cambodia, Thailand, Laos, Vietnam, and China’s UnionPay.
Dual-Currency Support for Stability
Bakong stands out from other CBDCs by being backed by both the Cambodian Riel and the US Dollar, providing stability and usability within Cambodia’s dual-currency system.
Global CBDC Initiatives
Countries like Hong Kong and South Korea are also exploring CBDC initiatives to strengthen their fiat currencies and enhance financial systems.
Future Plans for Bakong
Cambodia’s Central Bank plans to expand Bakong transactions to India and Japan, aiming to enhance cross-border payments and collaboration with technologically advanced nations.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
