National Bank of Cambodia Won’t Recognise Bitcoin

7-digital-currency-bitcoin

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

 

Original Source:

http://www.phnompenhpost.com/business/nbc-won%E2%80%99t-recognise-bitcoin