Cambodia's central bank governor, Chea Serey, has highlighted the potential of the Bakong digital currency to increase the use of the Cambodian riel (KHR) through cross-border QR payments. Speaking at the Nikkei's Future of Asia event in Tokyo, Serey emphasized the need to promote the riel, which accounts for only 20% of the country's economy, with the US dollar dominating the remaining 80%.

Since its launch in 2020, Bakong has facilitated $70 billion in digital payments, nearly double Cambodia's GDP. The digital currency supports transactions in both riel and US dollars, with riel transactions accounting for $20 billion last year, more than double the value in 2022. Serey stressed the importance of cross-border transactions in popularizing the riel. Bakong enables QR code payments between Cambodia and neighboring countries like Thailand, Laos, and Vietnam, as well as China's UnionPay. However, these international transfers require the use of riel, mandating Cambodian customers to open riel Bakong accounts to transact with other countries.

The Bakong digital currency stands out from others due to its dual backing by the Cambodian riel and US dollar, ensuring stability and wider applicability within Cambodia's bi-currency context. This feature enables large transactions and refines the integration process. Governor Serey revealed plans to launch cross-border payments using Bakong with India by June 2024 and is exploring potential collaboration with Japan. She emphasized the importance of working with countries having significant people movement with Cambodia, leveraging technology assistance and access to improve the Bakong payment system. In a broader context, central banks worldwide are exploring digital currencies to strengthen financial systems. Hong Kong's central bank launched a wholesale CBDC in March 2024, while South Korea's central bank plans to test the digital Korean Won by late 2024.