Cambodia’s central financial institution has revealed plans to proceed to develop interbank fee options utilizing blockchain.
Back in April, the National Bank of Cambodia announced that it was working with Japan-based distributed ledger startup Soramitsu to trial the expertise, with an eye fixed to probably implement blockchain on the central financial institution.
The financial institution’s director normal, Chea Serey, has now indicated that that work will proceed, telling The Phnom Penh Post:
“At this stage we will focus on the operational functionality of the system, but we believe the system can further be customized with application development to benefit the [central] bank’s monetary policy, including the use of the local currency.”
That mentioned, she reportedly confused that the central financial institution is not trying to develop its personal cryptocurrency – somewhat, it’s viewing the tech (for now, no less than) squarely via the lens of interbank funds.
This method, Serey defined, would assist present “smooth, efficient, safe and affordable interbank transactions which will ultimately benefit end users”.
According to the report, the central financial institution is using Hyperledger Iroha, one of many blockchain initiatives underneath the umbrella of the Linux Foundation-led Hyperledger undertaking. Iroha was developed by Soramitsu, alongside with tech companies Hitachu and NTT Data, and blockchain startup Colu.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group (DCG), which has an possession stake in Colu.
Cambodia National Bank picture by way of Maurizio Biso/Shutterstock.com