How to make digital currency widespread? Learn from #Cambodia
Cambodia introduced Bakong in October 2020 -- at nearly the same time as the Bahamas' sand dollar -- as one of the world's first CBDCs. It initially struggled in much the same way as the digital yuan, with private-sector QR code-based platforms already well entrenched. Only about 1.5 million people, or less than 10% of the population, had Bakong wallets at the end of 2021.
This changed with the adoption of KHQR, a standardized QR code payment system that made Bakong compatible with private-sector payment platforms. The number of Bakong holders jumped to 8.5 million at the end of 2022, with 1.5 million stores accepting the digital currency.