Bitcoins for Development: Cambodia
We propose to introduce and promote the use of Bitcoins in Cambodia as a tool for development. Cambodia is a Least Developed Country ranked 138th in the Human Development Index (HDI) according to the United Nations. It is the 15th most corrupt country in the world and only 3.7% of the population have a formal bank account. Bitcoins allow nearly any one with an internet connection access to e-commerce and low cost money transfers. Bitcoin’s public ledger solves the corruption and bribery problem that plagues Cambodia’s businesses and foreign aid organizations. Spreading the use of Bitcoin in a developing nation further standardizes it as a global currency and its spread to different areas of the world protects the long term legitimacy of that currency. If Bitcoins can effectively help Cambodia’s poor and unbanked, then the project model along with crypto currencies in general will become a legitimate tool in helping the developing world solve many of its most common problems.
Bitcoins will be brought to Cambodia through local awareness, knowledge, and usage. Continue reading