As crypto interest grows in ASEAN countries, the central banks of Singapore and Cambodia are looking into central bank digital currencies (CBDCs). It was revealed during a panel discussion at China Conference: Southeast Asia on Thursday. To increase payments efficiency, promote start-ups and e-commerce, the countries are looking to establish CBDCs.

Singapore and Cambodia push for digital currencies adoption:

Representatives of the central banks of Singapore and Cambodia expressed their interest in central bank digital currency as crypto adoption increases among the younger generation during a panel discussion at China Conference: Southeast Asia.

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In the last few years, Southeast Asia has witnessed rapid development in digital payments, ecommerce and cryptocurrencies.

Benedicte Nolens is the head of the Hong Kong Centre of the Bank for International Settlements Innovation Hub.

Digital payment innovation has thrived in Southeast Asia. New payment methods often accompany online e-commerce growth.

Frederick Fung, Chairman of the Association of Cryptocurrency Enterprises and Start-ups (Singapore), believes that the country is making progress with the adoption of cryptocurrency. In addition to the rising interest in crypto trading and digital payments among younger generations, older people also have a growing interest in cryptocurrency trading and digital payments.

In Project Dunbar, the central banks from Australia, Singapore, Malaysia, South Africa and Australia collaborated with BIS Innovation Hub to develop a cross-border settlement platform available for multiple CBDCs.

The National Bank of Cambodia (NBC) is working to increase the Bakong central bank digital currency (CBDC) adoption as e-commerce and cryptocurrency innovation develop in the country. NBC plans to promote its de-dollarization strategy with its CBDC.

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Serey Chea is the Assistant Governor of Cambodia’s National Bank.

The internet economy in Southeast Asia has a lot to offer. Cambodia, a country of just 16 million people, has approximately 20 million mobile phone subscribers.

CBDC Pushes Among ASEAN Country:

The Southeast Asian countries are leading the way in testing and researching central bank digital currency (CBDCs) for their central banks. The central banks of many ASEAN countries, including Singapore, Malaysia and Thailand, have proposed CBDCs due to the rise in e-commerce, digital payments, and the increased use of e-commerce. With rising crypto adoption, the countries seek to improve their financial and monetary stability through CBDC implementation.

Source: Google News Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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