cambodia’s digital money, “bakong”, is a success

since its inception in october 2020, cambodia’s digital money, “bakong,” has reached a staggering 5.9 million individuals. in the first half of the year, 1.4 million transactions totaling u.s.$500 million were completed.

cambodia is flooded in dollars, and the government wants to assist the riel, the country’s own currency, reclaim its former dominance in the economy. its cbdc project has been so successful that it is now widely regarded as the world’s most sophisticated cbdc.

because of the speed and security it can give, cambodia’s “bakong” cryptocurrency is predicted to be a game-changer for the country. sbi ly hour, a cambodian bank, launched a blockchain-powered cross-border remittance service between cambodia and vietnam in may.

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