Lately, Central Banks are entering "in force" to the market of the central bank digital currency (CBDC) and the Asian Giant China, leading in the research and soon will launch their digital Yuan.
The National Bank Of Cambodia will release a "quasi" form of digital currency, dubbed "bankong" that will serve as Interbank payments platform and that already have agreement to be used for 11 commercial Banks in the country.
The innovation form of digital currency, that for now will work as a way of payment interbank will need the users to link their digital wallets with their actual bank account in order to benefit from the innovational service.
Using the services, surely will enable Banks and customers to facilitate Transactions in really time between different banks across the Cambodia territory, as a way of Interbank connection payment.
The use of Blockchain Technology to issue digital services that will facilitate, faster, cheaper and very transparent transactions(despite being centralized) will bring the financial institutions to start benefiting from it and embrace the tech In a global scale.
Western Countries also entering the revolution, using the UK door, being the BoE (Bank of England) the important Nation that will be studying the importance of issuing a CBDC to counter the use, for example, the US dollar for faster Payments, and with the help of more 5 Central banks, including European Central Bank and Bank of Japan.
The world is going Blockchain!
**Free image from Pixabay.com.