Cambodia's Central Bank Pushes Ahead with Blockchain Payments Trials

The National Bank of Cambodia has said it will continue to develop interbank payment solutions using blockchain tech.

AccessTimeIconJun 21, 2017 at 2:15 p.m. UTC
Updated Sep 11, 2021 at 1:28 p.m. UTC

Cambodia's central bank has revealed plans to continue to develop interbank payment solutions using blockchain.

Back in April, the National Bank of Cambodia announced that it was working with Japan-based distributed ledger startup Soramitsu to trial the technology, with an eye to potentially implement blockchain at the central bank.

The bank's director general, Chea Serey, has now indicated that that work will continue, telling The Phnom Penh Post:

"At this stage we will focus on the operational functionality of the system, but we believe the system can further be customized with application development to benefit the [central] bank’s monetary policy, including the use of the local currency."

That said, she reportedly stressed that the central bank isn't looking to develop its own cryptocurrency – rather, it is viewing the tech (for now, at least) squarely through the lens of interbank payments.

This approach, Serey explained, would help provide "smooth, efficient, safe and affordable interbank transactions which will ultimately benefit end users".

According to the report, the central bank is utilizing Hyperledger Iroha, one of the blockchain initiatives under the umbrella of the Linux Foundation-led Hyperledger project. Iroha was developed by Soramitsu, along with tech firms Hitachu and NTT Data, and blockchain startup Colu.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group (DCG), which has an ownership stake in Colu.

Cambodia National Bank image via Maurizio Biso/Shutterstock.com

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown
2
CoinDesk - Unknown
Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

The reductions come amid a crypto market crash, and after the return of Ignite’s controversial ex-CEO.

CoinDesk - Unknown
3
CoinDesk - Unknown
India's Day Of Reckoning With ‘Most Controversial Crypto Tax’ Is Here

The country's 1% TDS is predicted to exacerbate negative market sentiment and add to the woes of the crypto community.

CoinDesk - Unknown