NBC Bakong Tourists app based on blockchain
It will work in Cambodia, Thailand, Vietnam and Laos
Before KYC is introduced, the app has a transaction limit of $500 per day
The National Bank of Cambodia (NBC) has decided to expand payment options for the country’s travelers and has launched the Bakong Tourists app powered by blockchain.
It will also work outside of Cambodia, namely Thailand, Vietnam, and Laos, and additionally work with China’s UnionPay.
Features and Limits of Bakong Tourists app
Bakong Tourists app provides many features like sending and receiving funds to other users, conducting and tracking transactions between banks, and converting funds between US dollars and Cambodian riel.
Currently, the Bakong Tourists app has not yet implemented the KYC system so it has a transaction limit of $500 per day, however, this limit will be raised to $3000 after that.
Also right now it is possible to fund the account using local providers like NBC, hotels, and travel agencies, but as the app expands, NBC Governor Chi Seri shared that they are going to introduce the option to use international payment means like MasterCard and Visa.
He also shared that this agreement is pending with Malaysia in late August and South Korea in September.
More Serious Roots of Bakong Tourists App
The Bakong Tourists app is one of NBC’s initiatives to create a base for a regional payment system that will extend to India, China, Fiji, and the Solomon Islands.
For this purpose, NBC partnered with Japanese blockchain Soramitsu back in 2020 to create its solutions. NBC and Soramitsu have also been developing Lao DLak, a central bank digital currency (CBDC) launched as a proof of concept in 2023.
Conclusion
NBC is doing fundamental work to create a seamless payment system across the Asian region, and it is doing so using blockchain technology.
It may be confusing to some that NBC is working to create a CBDC, which many crypto-enthusiasts and even politicians oppose.
However, for a country where credit cards can’t be fully utilized and there are only 5600 ATMs – such developments greatly simplify people’s lives and that’s why the Bakong Tourists app is rightly gaining popularity.
