Bakong vs Crypto: How Cambodia's Digital Currency Compares to Decentralized Crypto

When you hear Bakong, a state-issued digital currency launched by Cambodia’s central bank to replace cash and streamline payments. It's not crypto—it's a digital version of the riel, controlled entirely by the National Bank of Cambodia. Unlike Bitcoin or Ethereum, Bakong doesn’t run on a public blockchain. It’s a closed system, built for efficiency, not decentralization. You can’t mine it. You can’t trade it on exchanges. And you can’t send it outside Cambodia’s banking network.

That’s where crypto, a global, permissionless digital asset ecosystem built on open blockchains like Ethereum and Solana. Also known as cryptocurrency, it operates without banks, governments, or middlemen comes in. Crypto lets you send value anywhere, anytime, with no approval needed. Bakong forces you to use approved apps and linked bank accounts. Crypto thrives on anonymity and censorship resistance. Bakong demands full identity verification—because the government needs to track every transaction. This isn’t a tech difference. It’s a philosophy difference: control vs. freedom.

People in Cambodia use Bakong to pay for street food, bus fares, and small business invoices. It’s fast, cheap, and widely adopted—over 90% of mobile money users in Cambodia now use it. But if you want to buy a Solana-based NFT or use a DeFi protocol, Bakong won’t help. You need crypto. And if you’re outside Cambodia, Bakong doesn’t even exist as a usable asset. Meanwhile, crypto works the same whether you’re in Phnom Penh, Lagos, or Chicago.

Some say Bakong is the future of money. Others say crypto is. The truth? They’re not rivals—they’re opposites. Bakong is digital cash with a government stamp. Crypto is digital gold with no owner. One reduces friction for the state. The other removes the state entirely. You can’t have both at the same time. You pick a side.

In the posts below, you’ll find real stories about what happens when crypto meets regulation: exchanges shut down, meme coins vanish, and governments tighten control. You’ll see how Bakong-like systems are spreading across Asia, and how crypto users are finding ways around them. No theory. No fluff. Just what’s actually happening on the ground.