People in Cambodia keep talking about Bitcoin, a crypto currency (electronic currency). Given the function of money and from the point of view of Cambodian, (1) please describe the 3 functions of money (2) given the 3 functions of money, can we regard Bitcoin as money in Cambodia? Please explain your answer (3) Recently, National Bank of Cambodia (NBC) just launched the new system of payment to facilitate the inter-bank payment transfer and business transaction, called “Bakong” and its mobile app. However, Ms. Chea Serey, Director General of NBC reiterated her statement that “the recently-launched Bakong, an interbank blockchain-based payment system, is not a central bank digital currency (CBDC)”. Using the 3 functions of money, explain why Bakong does not qualify as money?
People in Cambodia keep talking about Bitcoin, a crypto currency (electronic currency). Given the function of money and from the point of view of Cambodian,
(1) please describe the 3 functions of money
(2) given the 3 functions of money, can we regard Bitcoin as money in Cambodia? Please explain your answer
(3) Recently, National Bank of Cambodia (NBC) just launched the new system of payment to facilitate the inter-bank payment transfer and business transaction, called “Bakong” and its mobile app. However, Ms. Chea Serey, Director General of NBC reiterated her statement that “the recently-launched Bakong, an interbank blockchain-based payment system, is not a central bank digital currency (CBDC)”. Using the 3 functions of money, explain why Bakong does not qualify as money?
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