It is a paradox of developing economies.
They sometimes make technological leaps that propel them ahead of developed countries.
To facilitate access to financial services for the 30% of Cambodians who do not have a bank account, Phnom Penh created the Bakong.
Unlike the Chinese e-yuan project or the Bahamian sand dollar, "
it is not a digital currency,
" says Serey Chea, deputy governor and managing director of the National Bank of Cambodia (BNC).
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With a name inspired by a temple in Angkor, the Bakong, developed with the Japanese blockchain company Soramitsu and launched in October 2020, is a platform that allows Cambodians to make payments backed by their dollar holdings or in riel, the official currency.
This mobile application, which functions as a digital wallet, makes it possible to make payments by scanning QR Codes and to transfer money easily, even without a bank account.
"
It's an effective way
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