Cambodia is proving to be an attractive target for crypto-currencies, with one of the most recently established operators of virtual money declaring their intention to roll out terminals in Phnom Penh this year.
Officials of the foundation that founded Blackcoin, a digital-currency formed in February by a Russian developer named rat4, say they have secured the purchase of two terminals; one to facilitate exchange between US dollars and Blackcoin, and the other to make retail payments, the Phnom Penh based co-founder of the Blackcoin foundation Josh Bouw told the Post.
“We are considering giving the terminals to local currency traders – one in Central Market and the other in Tuol Tompuong,” the 23-year-old from Canada said.
The machines could be operational as early as July, Bouw added.
Cambodia’s central bank won’t recognise bitcoin as a form of payment, making the Kingdom the latest Asian country to reject the digital currency.
National Bank of Cambodia director-general Chea Serey confirmed the regulator’s stance on the issue on Wednesday, citing the absence of any e-commerce law in the Kingdom as one of the main reasons.
“NBC will not recognise a currency that is not issued or backed by a government. Bitcoin’s issuer is not a central bank of any jurisdiction,” Serey said.
Serey said that the lack of pertinent regulations means consumers aren’t legally protected in case of fraud, “which has proven to be a daily occurrence in the virtual world”, she added.
The NBC is the only organisation in Cambodia with authorisation to issue legal tender under the direction of the Ministry of Economy and Finance… Read More
Local entrepreneur Ki Chong Tran believes he has the solution to many of Cambodia’s problems.
Look no further, Tran says, than bitcoin.
Should the 26-year-old mixed martial arts trainer and 3D-printing business owner get his way, the widely used but controversial digital currency will arrive in Cambodia within the coming weeks, and the capital will be home to two bitcoin ATMs.
On March 1, Tran submitted what he described as a “long-held weight off his chest” – a six-page proposal to the New York-based Bitcoin Foundation outlining all the ways the virtual currency could help his country.
“I’ve been wanting to do this for a long time,” Tran, who has his own stock of bitcoins, said.
The proposal, the first documented effort to introduce bitcoin to the local market, hopes to land one of the foundation’s annual grants, which rewards applicants with funding in the form of bitcoin. He’s asking for $100,000 worth.
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