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Cryptocurrencies

Cambodia debuts digital currency as emerging countries lead charge

Central banks of smaller economies aim to boost their paper currencies

Chea Serey, director general of the National Bank of Cambodia, told an Oct. 28 news conference that she hopes the Bakong system will promote cashless transactions.

TOKYO/HANOI -- Emerging countries have begun formally issuing digital currencies ahead of the world's major economies, in an attempt to expand access to financial services and shore up confidence in their own currencies.

The National Bank of Cambodia on Wednesday launched the Bakong system following a trial period. The new system will make payments easier and facilitate cashless transactions, Chea Serey, director general of the central bank, told a news conference.

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