Cambodia’s Central Bank to Develop Blockchain Payment System

By Avi Mizrahi Apr 24, 2017 4:08 AM EST

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Photo: A Phnom Penh money dealer changes Cambodian riel for USD (Reuters)

The National Bank of Cambodia, the country’s central bank, is testing the development of a new payments infrastructure based on blockchain technology, according to media reports from Phnom Penh.

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For this purpose, the Cambodian central bank has teamed up with Soramitsu – a blockchain technology company based in Japan. Soramitsu has contributed the initial codebase for Hyperledger Iroha to the Linux Foundation’s Hyperledger Project on which the new system will be based.

Kazumasa Miyazawa

Kazumasa Miyazawa, COO, Soramitsu, stated: “Through our work with the National Bank of Cambodia, we will be able to take the first step toward creating a more efficient payment infrastructure, which we hope to expand globally in the future.”

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Hyperledger Iroha is a distributed ledger project that was designed to be simple and easy to incorporate into infrastructural projects requiring distributed ledger technology. Hyperledger Iroha puts an emphasis on mobile application development based on blockchain technology.

Hyperledger Iroha is a project still officially in Incubation that was proposed by Makoto Takemiya (of Soramitsu), Toshiya Cho (of the Japanese electronics giant Hitachi), Takahiro Inaba (of Japanese communications giant NTT Data), and Mark Smargon (of the Israel-based local cryptocurrencies startup Colu).

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