Cambodia is joining the list of countries that are thinking about issuing a national cryptocurrency. Recently, Venezuela launched the Petro, and other countries like Russia and Estonia are planning to issue their own. The Kingdom of Cambodia has announced that they want to issue their own cryptocurrency.
Cambodia’s Own Cryptocurrency
With this initiative, Cambodia is trying to reduce the dependence on the United States dollar. Furthermore, the announcement was supported by different Blockchain and crypto enthusiast who are seeing this technology as a way to disrupt commerce and increase the presence of the poor in the economy.
On March 7th, a Blockchain summit will be held in Phnom Penh, Cambodia’s Capital. During the event, several topics about the technology will be discussed and authorities are planning to present the cryptocurrency. Apparently, the national virtual currency will be called “Entapay” and will try to “become the connection between the payment of encrypted currency integration and the real world.”
Mem Sam An, member of the Central Committee of People’s Party commented that she hopes that the government expects that the new cryptocurrency will increase Cambodia’s economic growth and further develop the global smart economy. Additionally, she explained that they are using the most advanced fin-tech in China and practical conditions in Cambodia.
The government expects that Entapay will become so popular that it may replace VISA as the new conventional payment method.
In the past, government authorities in the country have supported the development of Blockchain technology.
Chea Serey, General Director of the Central Bank, expressed:
“In June 2017, the country’s Central Bank initiated a series of pilot tests for the adoption of blockchain technologies with a view to overcome cash dependency on the territory and promote the use of its own currency.”
National Cryptocurrencies Around the World
Other countries have been promoting their own cryptocurrencies. This is the case for Venezuela, Russia and Estonia.
Venezuela has recently launched the Petro, a cryptocurrency backed by the Venezuelan government and possibly developed by Russian experts. The so called Petro is backed by oil reserves from the country and is expected to be used in different governmental offices and filling stations.
Russia is also thinking about issuing the CryptoRuble. At CoinStaker, we have written several times about Russia’s intentions and how it is planning to introduce it. Apparently, these cryptocurrencies will allow the two governments to avoid international sanctions and other commercial blockades.
Estonia couldn’t launch their own national cryptocurrency because the European Central Bank (ECB) forbid them. The European country is very open towards new technologies and is the first country to offer its citizens an e-residency. Unfortunately for Estonia, the ECB has made clear its position about issuing different currencies than the Euro.
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