The National Bank of Cambodia (NBC) intends to launch the testing phase of a blockchain platform in the final quarter of 2017, The Phnom Penh Post reported.
NBC director-general Chea Serey said that the technology, if successful, would improve the central bank’s ability to facilitate and monitor interbank lending and transactions.
The bank’s blockchain initiative was first revealed in April when it entered into a partnership with Soramitsu Co., a company that uses open-development software ‘Hyperledger Iroha’. The project has also received support from Linux Foundation.
Serey clarified that the technology would be used to reduce costs associated with interbank lending, and not to support any cryptocurrency at the moment.
“We expect the new technology to provide smooth, efficient, safe and affordable interbank transactions which will ultimately benefit end users,” Serey told Post Supplement in an email. “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.”
She added that the NBC is exploring various options that could give it greater control over the Kingdom’s monetary policy, which is currently heavily dependent on the US dollar. Serey said that Hyperledger Iroha cashless system seems to be the right option at this early stage.
“[This] technology moves very fast and we are open to explore any platforms suitable for Cambodia’s situation,” she said. “A cashless system is less costly and more transparent for the whole economy. This has always been on our agenda, but we needed time to study the different platforms available [before making a decision].”
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