The bank has signed with a Japanese company to build a platform for exchanging currency. The platform will be built using Hyperledger Iroha.
Quote:“Through our work with the National Bank of Cambodia, we will be able to take the first step towards creating a more efficient payment infrastructure, which we hope to expand globally in the future,” Kazumasa Miyazawa, CEO of Soramitsu, said in the announcement.
The technology would bypass the need for ATMs and formal financial institutions for customers by allowing them to send and receive funds directly, while central banks and physical financial institutions could use it for streamlined interbank lending activity, according to Martin Kendrik, the founder of the Cambodian Cryptocurrency, Bitcoin and Blockchain Community.
“While I am a bit surprised that Cambodia is potentially pursuing blockchains so quickly, it is good for the central bank to be progressive and not regressive and follow models like Japan and Singapore,” he said. “If Cambodia invests in this technology, it would put them in a strong position to insulate themselves from external currency shocks.”