The National Bank of Cambodia is going to introduce a new crypto coin, dubbed Bakong. 

The Bakong was a CBDC, with its trial basis previously released nationwide in Cambodia back in July 2019. Chea Serey – the National Bank of Cambodia director-general – shared that the system will be officially up and running within the current business quarter. 

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. Eventually, we hope to allow cross border payment through the Bakong system too.

Bakong bears a few significant differences to the traditional blockchain-driven digital coins, functioning as a closed system that receives the support from banking institutions. 

Every bank account of the client will come with a built-in software wallet, which enables simplified interacting process with hard currency. The system offers supporting features for real-time transactions, and the National Bank of Cambodia will record all centralized files, regarding the destination of the money. 

This new update is not similar with the initial heading of crypto and blockchain tech of the nation. Cambodia previously required crypto exchanges to obtain necessary licenses to operate in the region, with the first fully regulated exchange authorized in August 2018.