Assistant Governor at the National Bank of Cambodia Serey Chea said that blockchain payments will enable greater financial control and remittance efficiency.
Cambodia News
Cambodia is a country located on the Indochinese Peninsula in Southeast Asia. Cambodia is one of the least developed countries in Asia. However, it has one of the most rapidly growing economies in the world. Bitcoin in Cambodia is developing gradually, as the government hasn’t decided yet on the laws as they relate to blockchain and Bitcoin. Cambodian authorities have only claimed mentioned some limitations for banks and other financial establishments on trading and advertising cryptocurrency. Nevertheless, in Cambodia, the adoption of Bitcoin is becoming more and more real, as there are already local cryptocurrency exchange platforms for citizens and there are some projects being made to develop digital currencies and other related products and services — including Bitcoin mining in Cambodia.
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A new partnership for cross-border payments and remittances will use the National Bank of Cambodia’s blockchain-based payment system.
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A Singaporean startup, Limestone Network, is using blockchain to sustain a smart neighbourhood at the heart of the Cambodian capital.
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Oxfam wants to use smart contracts and blockchain to ensure better conditions for Cambodian rice producers.
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Dealing in crypto without obtaining a license from relevant authorities has been declared illegal in Cambodia by the central bank.
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European banking bigwigs appear to be underwhelmed by the idea of digital currency, either decentralized or bank-issued.
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Cambodia may be launching their own national cryptocurrency, taking a cue from Venezuela.
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