Cambodian digital currency Bakong amplifies its use case with Alipay deal

THE CBDC type Bakong provides digital payment services In riel And THE WE. dollar. He has has been regularly extension It is regional scope.

THE Bakong, A digital currency exploited by THE National Bank of Cambodia (CNB), will provide users with to access has THE Alipay merchant network And enable cross-border transactions on Alipay+ using QR codes below A memorandum of understanding (Soft) sign has THE Financial Technology Exposure In Singapore, THE local press reported.

THE Bakong service works by THE BNC on A blockchain, but he East not A central bank digital currency (CBDC), as THE currency East A responsibility of THE commercial banks that to use he. THE Bakong allow both United States dollar And Cambodian riel accounts. THE Cambodian economy East strongly dollarized.

THE Protocol of agreement means that Cambodians will be able has to use riel Since their Bakong wallets has shop with 83 million merchants global on THE Alipay network. In addition, Chinese tourists WHO to have accounts with China massive Alipay electronic payment system will be able has shop In Cambodia using THE QR codes of THE Bakong KHQR system. BNC governor Chea Serey said:

"THE simplicity of manufacturing Payments provides merchants with A income booster, portion has stimulate economic activity. I am confident This collaboration with Alipay+ will be beneficial For all holidays. »

There were 35.4 million transactions value $12 billion using THE Bakong In THE First of all half of 2023, THE Phnom Penh Job reported on Nov. 17.

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THE Bakong payment...