广场协议40年（3）柬埔寨瑞尔复活，小国的道路

Core Viewpoint - Cambodia is advancing the digitalization of its currency, the riel, aiming to establish a mechanism that is not influenced by the US dollar [2][5]. Group 1: Digital Payment System - The digital currency payment system "Bakong" launched by the National Bank of Cambodia in 2020 has gained widespread adoption, with transaction volumes nearly doubling in 2024 to reach $150.6 billion [4][5]. - Bakong is extensively used for cross-border payments, with its total transaction volume amounting to approximately three times Cambodia's annual GDP [5]. Group 2: Currency Revival - A significant portion of Bakong transactions, about half of the 600 million transactions, are conducted in the local currency, the riel, which is experiencing a revival due to the success of the digital strategy [5]. - The historical context of the riel's decline is tied to Cambodia's painful past, including the abolishment of the currency system during the Khmer Rouge regime and subsequent reliance on the US dollar for economic recovery [6]. Group 3: Economic Risks and Strategies - The over-reliance on the US dollar poses risks to Cambodia's economy, as highlighted by the National Bank's governor, who emphasizes the need to reduce this dependency [7][9]. - The revival of the riel is supported by technological advancements and a young population that is more receptive to digital innovations, facilitating the adoption of the Bakong system [9].