Cambodia’s Central Bank Plans Blockchain Trials Toward Cashless Economy
Cambodia’s central bank is pressing ahead with trials for interbank payments using blockchain technology, ultimately hinting at a cashless system for the entire economy.
In April this year, the National Bank of Cambodia (NBC) announced a partnership with Japanese technology firm and blockchain specialist Soramitsu, toward the development of a public payment system over as blockchain for its citizens.
The goal was to develop ‘new payment infrastructure’, a press release revealed at the time. Soramitsu is notable for being the developer of the Iroha blockchain platform, a smart-contracts-enabled ledger which allows permissioned parties to transact at scale of around 1000x to that of bitcoin, according to the Japanese developer. Notably, Iroha is a part of the open-source Hyperledger project, led by Linux Foundation.
I believe this is obviously a welcomed development for governments to move along with technological trends in seeking lasting solutions to their challenges and resolving transparency issues.