The post Cambodia Central Bank Chief Sees Digital Currency Boosting Fiat Use appeared on BitcoinEthereumNews.com.

Central Bank Governor Chea Serey said on May 28 that Bakong, the Cambodian Central Bank Digital Currency, could promote cross-border QR payments, which would increase the use of the Cambodian Riel (KHR). Interviewed at the Nikkei’s Future of Asia event in Tokyo, Serey said that Cambodia’s currency system is far from conventional.  Also Read: Binance signs MoU with Cambodia`s SERC to aid in drafting crypto regulations During the interview, she said that over 80% of the country’s economy is still dominated by the U.S. dollars in a two-tiered money system. According to Serey, the government aims to extend the use of Riel for daily transactions. At the occasion of 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. They discussed the significant progress made in ASEAN digital payments integration, financial… pic.twitter.com/pmy8pQ0ybk — ASEAN (@ASEAN) May 24, 2024 Since its launch in 2020, the Bakong CBDC has facilitated $70 billion in digital payments as of 2023, a figure that’s nearly double Cambodia’s GDP. Domestic transactions through the Bakong can be conducted in both Riel and the U.S. dollar, with the former accounting for $20 billion of last year’s total, which is more than twice the value from 2022. Serey Advocates Cross-Border Transactions To Boost Riel Use According to the Central Bank Governor, the aim of cross-border transactions is crucial to popularising the use of the Riel. A notable one is that Bakong is used for payment through a QR code between Cambodia and other countries like Thailand, Laos, and Vietnam, as well as for UnionPay of China. Also Read: IMF highlights the benefits of CBDCs to Pacific island countries These international transfers are limited to using Riel only, which means customers from…

---

Filed under: News - @ May 29, 2024 8:24 am