Central Bank Singapore and Cambodia saw in digital currencies a means of encouraging trade – Bits Media

Representatives of the central banks of Singapore and Cambodia said, that the popularity of cryptocurrencies among young people pushes regulators to encourage state digital currencies.

At an event called "Chinese conference: Southeast Asia " Representatives of the central banks of the two countries said, What are interested in the release of digital currencies of central banks (CBDC). This was reported by the publication of South China Morning Post.

Central Bank motivates the growing popularity of cryptocurrencies among young people. Representatives of the regulators emphasized, that in recent years in Southeast Asia there has been an evolution of electronic payments, commerce and digital currencies.

National Bank of Cambodia (NBC) seeks to expand the introduction of the digital currency of the Bakong state payment system due to the development of online trade and the cryptocurrency industry. NBC plans to continue to promote its dedollarization program using its own digital currency.

According to the head of the Hong Kong Innovation Center of the Bank of International Settlements (TO) Benedict Noles (Blessed with refuse), Southeast Asia has always been fertile ground for innovation in the field of digital payments.

Chairman of the Association of Cryptocurrency Enterprises and Startups in Singapore Frederick Fung (Frederick Fung) claims, that in addition to growing interest from youth, The country has a total increase in the adoption of digital currencies. According to him, The older generation is not behind the young and is also engaged in the trade of crypto actures.

IN 2018 year the Government of Cambodia, against the background of the launch of state digital currency, forbidden financial institutions to work with any other cryptocurrencies.