Cambodian digital foreign money bakong amps up use case with Alipay settlement

The bakong, a digital foreign money operated by the Nationwide Financial institution of Cambodia (NBC), will present customers with entry to the Alipay service provider community and allow cross-border transactions on Alipay+ utilizing QR codes below a memorandum of understanding (MoU) signed on the FinTech Expo in Singapore, the native press reported.

The bakong service operates by the NBC on a blockchain, however it’s not a central financial institution digital foreign money (CBDC), because the foreign money is a legal responsibility of the industrial banks that use it. The bakong allows each United States greenback and Cambodian riel accounts. The Cambodian financial system is closely dollarized.

Proceed Studying on Cointelegraph