Bakong, the blockchain-based central bank digital currency system jointly developed by the National Bank of Cambodia and Japanese blockchain company Soramitsu Co., Ltd., was officially launched on Oct. 28.

After starting its pilot operation throughout Cambodia from July 2019 and winning the Central Bank Award, Bakong is now the core system for retail payments and interbank payments in Cambodia. It uses digitized Cambodian riel or US dollars to enable immediate and final transactions. Eighteen financial institutions in Cambodia have already adopted Bakong as of Q3 2020.