Cambodian CBDC Adoption Hits Nearly Half of 16.7M Population

A tunnel from a computer program code. Central bank digital currency concept. Middle Source Software Source Code: CBDC

The Cambodian central bank digital currency has penetrated nearly half of the country’s population so far, with more efforts to boost smartphone adoption moving forward.

Source: Nikkei Asia

The central bank’s digital currency has already reached almost half of Cambodia’s 16.7-million population, including those tapped indirectly through mobile applications of partner banks.

Digital currency transactions reached 6.8 million transactions worth $2.9 billion by November, even as data show that only over a fifth of Cambodian adults have held a bank or mobile payment account as of 2017.

The National Bank of Cambodia officially launched the blockchain-based nationwide payment system dubbed Bakong in October 2020, which was recognized as one of the world’s first CBDCs.

The CBDC does not need a bank account to be used, as users only need a Cambodian mobile phone number.



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