Cambodia central bank says Bitcoin is not a currency

The Phnom Penh Post is reporting that the Cambodian government, or at least the central bank there, will not recognize Bitcoin as a currency.

18 Total views
0 Total shares
Cambodia central bank says Bitcoin is not a currency

The Phnom Penh Post is reporting that the Cambodian government, or at least the central bank there, will not recognize Bitcoin as a currency.

 

“[The National Bank of Cambodia] will not recognize a currency that is not issued or backed by a government,” director-general Chea Serey said in a statement on Wednesday. “Bitcoin’s issuer is not a central bank of any jurisdiction.”

 

Serey also asserted that the consequent lack of regulation exposes customers to theft and fraud, “which has proven to be a daily occurrence in the virtual world.”

 

The CoinTelegraph would like to see Serey’s proof, not to mention what this “virtual world” is of which he speaks.

 

 

Not a Ban

 

To be sure, this stance is not an outright ban on the use of digital currencies such as Bitcoin. For now, it’s simply a definition.

 

What effect the bank’s statement has on Bitcoin activity in the country remains to be seen.

 

 

Elsewhere in Southeast Europe

 

The Phnom Penh Post also notes similar statements from neighboring Thailand and Vietnam. According to BitLegal.io, Vietnam has banned financial institutions from dealing in such currencies.

 

Thailand, however, offers a somewhat more confusing stance, noting that the government has no power to regulate Bitcoin activity, but not going so far as to outlaw its use.

 

Links:

 

 

 

 

×

Hottest Bitcoin News Daily

For updates and exclusive offers, enter your e-mail below.