A Country Goes Digital: Cambodia
In October 2020, the National Bank of Cambodia became the first central bank in Asia to launch a digital currency. With the US dollar representing 90% of the cash circulating in the country, the bank decided to promote use of domestic currency through technology. Three years on, digital payments are a common sight in urban areas – a huge change for the once cash-focused economy. Now, the bank has turned its sights to rural Cambodia. What will the changes mean for the lives of rural residents?
Digital currency is taking off in Cambodia
Governor Chea Serey of Cambodia's national bank spearheaded the Bakong Project
The next challenge will be rural adoption
Local banks are promoting digital currency payments