Cambodia's Central Bank Signs Deal to Develop Blockchain Tech

Add Cambodia's central bank to the list of major financial market managers investigating blockchain and distributed ledger tech.

AccessTimeIconApr 21, 2017 at 3:26 a.m. UTC
Updated Dec 12, 2022 at 12:43 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The National Bank of Cambodia has reportedly inked an agreement with distributed ledger tech startup Soramitsu that will find the central bank contributing to its development projects.

Announced todayhttps://finance.yahoo.com/news/application-hyperledger-iroha-central-bank-003000950.html

, the goal of the effort is to begin joint work on new payment infrastructure prototypes using DLT systems. But while a host of central banks are studying the technology globally, Soramitsu co-CEO Makoto Takemiya framed the news as unique in that he asserted the central bank has agreed to go beyond "just studying" applications.

Founded in 2016, Soramitsu is best known for its management of the Hyperledger Iroha software framework, to which he said National Bank of Cambodia will now be contributing.

Takemiya told CoinDesk:

"This is extremely exciting because their programmers intimately know what financial institutions need and can help make Hyperledger Iroha ready for systemically important payment systems."

For the startup, the deal adds to past work that has included trials conducted with Japan-based property insurer Sompo Japan Nipponkoa Holdings, while for National Bank Cambodia, it follows its scarce public statements to date about the technology.

As reported by the Phnom Penh Post in 2014, National Bank of Cambodia had previously said bitcoin does not fall under its definition of a currency.

Meanwhile, the trial comes amid an active time for central bank exploration of the technology, with Bank of England, De Nederlandsche Bank and the People's Bank of China all announcing recent initiatives aimed at investigating its potential.

Cambodia image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.