Cambodia digital payments to nurture local currency, says central bank head

TOKYO -- Cross-border QR code payments made through Cambodia's Bakong digital financial system are set to boost the use of the Southeast Asian nation's riel currency, the governor of its central bank told Nikkei Asia on Friday.

Over 80% of Cambodia's economy still operates with the U.S. dollar as part of a dual-currency system, with authorities pushing for the riel to play a greater role. "The proportion [of the riel used in] digital transactions is higher," Chea Serey, governor of the National Bank of Cambodia, said on the sidelines of Nikkei's Future of Asia conference in Tokyo.