Has anyone here used Bakong, the Cambodian Government backed blockchain currency, for payroll? I'm curious how easy and cheap it is both for an employer to make transfers into employees Bakong accounts, and for those employees to use the Bakong transfers in any way they want without losing value.
I've looked briefly through the Bakong website and it sounds great, but I worry participating banks on the end user side might charge end users. Anyone know?
Besides a small early days maximum 'temporary wallet' size of US$2,500 (expected to grow 'before long' & also international transfers- before too long), and the repetition that must create for larger salaries, it seems an easy, cheap, way to pay a lot of Khmer staff using a lot of different banks. Am I missing something?
Any thoughts?
Would you be OK to be payed with it?
Getting paid in Bakong blockchain currency
It’s not a blockchain currency it just uses the technology and is based and connected to fiat in the users account.
pew, pew, pew, pew!
Sorry B, any employer offering to pay in anything other than hard currency would put be a massive no to anyone of normal mind (until it eventually becomes the norm).
In God We Trust, in HES minion's latest barely thought through ideas, less so,
Payed out old rope, paid in cash or played by all.
In God We Trust, in HES minion's latest barely thought through ideas, less so,
Payed out old rope, paid in cash or played by all.
Massive stalker
I have zero expertise in this. That's why I'm asking on a small Cambodian web forum, but this is how it seems to me at the moment.
Correct YTP, it's not a 'mined' crypto, but a system that transfers value, verified by blockchain (the distributed ledger verifies simple transfer of the curency 'object' itself, not transfer of an interbank IOU to be settled later), with the Cambodian Government setting the value by fiat. But blockchain is not only a tool for crypto. Depends what you want.
If you want to buy crypto as an investment for value growth, this isn't that. However, that isn't all bad, as far as I can tell, it has the same low volatility as the printed paper Cambodian Riel. Your USD 2,000 purchase of Bakong won't become worth $3,000 a few milliseconds or days later, but it won't go down noticeably either, it is all cleared through the National Bank of Cambodia.
Mr. P, If your employer has promised you an hourly or monthly rate in Dollars that amount is what they must deliver. If you want cash, even though few ask for it now, you will get USD cash. Most employees now want pay by money transfer. That is all Bakong is, a direct value transfer that skips the step of Bank IOU settlement. Employees withdraw hard curency from their bank, almost any Cambodian bank, or any of the payment systems like Wing, etc. It sounds brilliant.(?)
With some banks, if Employer uses one branch of a bank for their payroll and an employee has an account in a different branch of the same bank, some will be charged a transfer fee. I'm trying to find out if there are any similar or other transfer fees with Bakong?
Correct YTP, it's not a 'mined' crypto, but a system that transfers value, verified by blockchain (the distributed ledger verifies simple transfer of the curency 'object' itself, not transfer of an interbank IOU to be settled later), with the Cambodian Government setting the value by fiat. But blockchain is not only a tool for crypto. Depends what you want.
If you want to buy crypto as an investment for value growth, this isn't that. However, that isn't all bad, as far as I can tell, it has the same low volatility as the printed paper Cambodian Riel. Your USD 2,000 purchase of Bakong won't become worth $3,000 a few milliseconds or days later, but it won't go down noticeably either, it is all cleared through the National Bank of Cambodia.
Mr. P, If your employer has promised you an hourly or monthly rate in Dollars that amount is what they must deliver. If you want cash, even though few ask for it now, you will get USD cash. Most employees now want pay by money transfer. That is all Bakong is, a direct value transfer that skips the step of Bank IOU settlement. Employees withdraw hard curency from their bank, almost any Cambodian bank, or any of the payment systems like Wing, etc. It sounds brilliant.(?)
With some banks, if Employer uses one branch of a bank for their payroll and an employee has an account in a different branch of the same bank, some will be charged a transfer fee. I'm trying to find out if there are any similar or other transfer fees with Bakong?
Not usually, only ABA and Wing currently charge transfer fees for Bakong as far as I am aware; all others are free.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
right, I thought from the way it was described it was some sort of crypto, but I ain't no good on these sort of tings baas.
my employer about 3 years ago said "You want money? Get an ABA payroll account, or you won't get anything"
Within a week the entire company staff had ABA payroll accounts and the paymaster general's life is easy and no extra fees are involved. Saves pissing around with technology other than an app on a smartphone.
my employer about 3 years ago said "You want money? Get an ABA payroll account, or you won't get anything"
Within a week the entire company staff had ABA payroll accounts and the paymaster general's life is easy and no extra fees are involved. Saves pissing around with technology other than an app on a smartphone.
Massive stalker
I guess we won't jump into Bakong quite yet either. I just felt frustrated with what we do now.
Except for a few expat cash holdouts all get paid through banks, but we receive and payout $ using ABA, ACELEDA, Canadia, Maybank, and, historically, CCB/Siam Commercial Bank. Twice a month pay and paperwork, call me old school, already requires extra admin staff. So many banks doesn't simplify, as not all staff can or will open new accounts. I heard govt is, or will be, pushing hard for Bakong for utility payments, so wondered if we could easily hop aboard.
Perhaps this time 2022? Or..., when/if international remittances can move through it, particularly bigger amounts, it might have more appeal.
Except for a few expat cash holdouts all get paid through banks, but we receive and payout $ using ABA, ACELEDA, Canadia, Maybank, and, historically, CCB/Siam Commercial Bank. Twice a month pay and paperwork, call me old school, already requires extra admin staff. So many banks doesn't simplify, as not all staff can or will open new accounts. I heard govt is, or will be, pushing hard for Bakong for utility payments, so wondered if we could easily hop aboard.
Perhaps this time 2022? Or..., when/if international remittances can move through it, particularly bigger amounts, it might have more appeal.
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