June 22, 2020 Cambodia’s central bank releases whitepaper for blockchain-based payment network.

Cambodia’s central bank, the National Bank of Cambodia (NBC) released the whitepaper for its blockchain-based payment network, termed Project Bakong, on Thursday. Many Cambodians use the US Dollar instead of Cambodia’s national currency, the Khmer Riel and the new project in part aims to address this perceived issue by digitizing the country’s payments system. The network will operate in a permissioned setting, using the Hyperledger Iroha software, and allow citizens to transfer funds through QR codes while also synchronizing e-wallets with bank accounts. According to the document, initial testing has indicated a throughput of 1,000-2,000 transactions per second with execution times of less than five seconds.