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National Bank of Cambodia Pushes to Claim First Place in Blockchain Race

A World Economic Forum (WEF) report has indicated that the National Bank of Cambodia could become the first central bank in the world to utilize blockchain technology.

After piloting DLT since 2017, the South East Asian central bank hopes to deploy a blockchain payment system later this year, with the aim to overtake other banks around the world which so far have limited their involvement to simply studying the new disruptive technology.

The issues that the National Bank of Cambodia are hoping to address is to improve banking through effective uses of mobile devices and addressing the bank’s rather fragment domestic payment system which has been a cause of confusion for some time.

More fluidity is sought by the bank to ensure efficient payments for its customers by resolving such issues. And if successful, could become a beacon for other larger more established banks around the globe. The WEF has pointed out in its report that Cambodia is not alone as more than 40 banks are hoping to utilize blockchain technology in order to improve its operating procedures, and some are even considering their own national cryptocurrencies; the most popular of these being CBDCs (central bank digital currencies)

Banks cited in the new report included the Bank of England, Bank of Canada, and the Monetary Authority of Singapore. The Central Bank of Lithuania is one that plans to launch its cryptocurrency as a pilot in the near future.

Both Saudi Arabia and the neighboring United Arab Emirates (UAE) have announced that their central banks are to cooperate on the trial of a new cryptocurrency. The digital currency named Aber was announced in a joint statement released by The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE. The proof-of-concept trial will be an attempt to lower the cost of transfers using a blockchain-based settlement solution.

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