Bakong Project • Sponsored by the National Bank of Cambodia, the country’s central bank • Co-developed with Soramitsu, the main contributor to Hyperledger Iroha • The first retail payments system in the world using blockchain technology • The first large-scale quasi-central bank digital currency (CBDC) in production Goals • T o reach the unbanked population, especially in rural areas • T o promote use of the national currency instead of American dollars • T o reduce the liquidity and compliance burdens on payment service providers that are not banks • T o modernize retail payments to deliver better services at lower cost Approach 1. Acknowledge the country’s banking challenges 2. Investigate distributed ledger technologies 3. Choose the best platform to use: Hyperledger Iroha 4. D

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