Cambodia prepares to launch a central bank digital currency

Cambodia has become the next country to join the race for a central bank digital currency after reports of a digital yen. Since Facebook revealed that it was preparing to launch a global stablecoin, many countries have announced the development of state-backed digital assets. These assets, more commonly known as central bank digital currencies (CBDCs) are powered by the nation’s central bank and mostly represent the country’s fiat currency on a blockchain platform. Cambodia to launch a central bank digital currency As reported by Phnom Penh Post, Cambodia’s central bank has unveiled ‘Project Bakong,’ the country’s crypto initiative. Project Bakong