Cambodia Announces Own Cryptocurrency as More Details Surface About China’s Digital Yuan

With China still in the lead, other countries are advancing their projects to develop payment systems around central bank digital currencies (CBDCs). Cambodia, for example, has recently revealed it will mint its own coin within months. The news comes as more details about the digital Chinese yuan indicate its main purpose will be to substitute cash in a system that provides “controlled anonymity.”

Also read: China Issues Digital Currency Guide for Party Cadres

Cambodia Becomes the Next State With Own Coin in the Works

Cambodia will issue the government-backed crypto to fuel what has been presented as “a blockchain-based, peer-to-peer payment and money transfer platform.” Named ‘Project Bakong,’ the system is supposed to go live in the next few months, Phnom Penh Post reported, as it already has the support of 11 banks and more are expected to join in the near future.

Chea Serey, director-general of the National Bank…