Cambodia’s Central Bank to Introduce Blockchain in Payment System

Asia Blockchain Review
May 18, 2019

A new report published by the World Economic Forum (WEF) has indicated that the National Bank of Cambodia (NBC) will be the world’s first central bank to use blockchain technology in its payment systems, with the timeframe for the implementation set for this year.

BeInCrypto reported that the NBC has been experimenting with the applications of the distributed ledger technology (DLT) since 2017. The central bank announced that it is starting with pilot implementation of the new payment system across 10 bank branches, with plans for mass adoption later this year.

According to the WEF, blockchain can address several issues related to banking in Cambodia. Blockchain technology can directly serve unbanked citizens and connect them with bank services through smartphone applications. Moreover, as many existing private payment apps in the country are not aligned with the central bank, the cashless payment system has been fragmented.

A blockchain platform would solve both of these issues, thus explaining the enthusiasm of the NBC to roll out the new system.

The WEF report also indicated that more than 40 banks worldwide have expressed interest in adopting blockchain technology or offering a national cryptocurrency or central bank digital currency (CBDC) which proponents believe would greatly improve the efficiency of the overall banking system.

These banks include the Bank of Canada, the Bank of England, and the Monetary Authority of Singapore.  


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s Postal Service to Adopt Blockchain for Billing
South Korea’s national postal service is partnering with Coinplug to apply the technology to its bil...

June 19, 2019

Relex Crypto Platform Endorsed by Over $600M Vietnam Seaport Project
The investment platform has been endorsed by a seaport development project in its request for invest...

June 18, 2019

South Korean Power Providers to Set up Blockchain System for Energy Certificates
The agreement will establish a blockchain-powered system to improve transparency and efficiency of t...

June 18, 2019

‘F1 Delta Time’ Offers In-Game Items Stored on Blockchain
A Hong Kong-based game developer is integrating blockchain into its titles to allow permanent owners...

June 18, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us