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National Bank of Cambodia Tests Blockchain in National Payment System

May 1, 2019

The World Economic Forum (WEF) has released a report stating that the National Bank of Cambodia (NBC) had expressed its hopes to experiment with the use of a blockchain-powered platform in the second half of 2019.

Local news outlet The Phnom Penh Post revealed that if successful, the NBC will become one of the first central banks to adopt blockchain solutions in such a system.

The WEF report, “How are Central Banks Exploring Blockchain Today?” said the NBC aims to use blockchain as a way to develop financial services while increasing the efficiency of the banking system.

In Cambodia, citizens and tourists are most likely to make financial transactions in cash either the Cambodian riel or US dollar. Payment applications on mobile phones are also sometimes used to pay for products and services.

According to the Phnom Penh Post, an official at the NBC revealed that if the blockchain trial is successful, the bank would be able to carry out business operations such as interbank lending and transactions more efficiently.

Though many countries have been using blockchain to develop and operate platforms for cryptocurrencies, Cambodia has yet to see a boom in the crypto industry. Back in 2017, NBC Director-General Chea Serey said in a Phnom Penh Post interview that blockchain would primarily be adopted to lower costs associated with interbank lending, rather than to facilitate crypto trading.

Source: www.phnompenhpost.com

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