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Cambodia aims to wean off US dollar dependence with digital currency

Southeast Asian country's 'Bakong' users grow amid COVID-driven digital shift

Chea Serey, director general of the National Bank of Cambodia, speaks at the launch event of the central bank's "Bakong" digital currency, in Phnom Penh, Cambodia, in October, 2020.   © Kyodo

TOKYO -- Central banks across the world are rushing to develop their own digital currencies in a bid to provide safe and convenient payment systems as digitalization rapidly expands to many segments of the economy.

China has been testing its digital yuan in multiple cities while the European Central Bank announced last month plans to proceed with its digital euro project and launch a two-year investigation that will look into the development and impacts of a central bank digital currency (CBDC).

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