Cambodia launches its own cryptocurrency, and prohibits all other

The Cambodian government, which has announced the release of its cryptocurrency Entapay, prohibits financial institutions to work with cryptocurrency transactions, creating confusion for local entrepreneurs in this field.

They stress that in Cambodia there is no clear legislative framework for the regulation of cryptocurrencies, as the government opposes their use, but supports the technology they are based on the blockchain.

Central Bank of Cambodia refers to the cryptocurrency with caution, explaining that the cases of fraud, volatility and lack of regulation of cryptocurrency in General.

So, in December, the regulator did not support a local project open source KHCoin, declaring illegal cryptocurrency transactions when the authors tried to monetize the project. The Central Bank has banned banks and microfinance institutions to buy, sell, and distribute crypto-currency.

National banks, in response, did not allow customers to use their Bank accounts for the purchase or sale of cryptocurrencies that have prevented trade the digital currency, although the government officially forbade people to own it.

However, the Central Bank of Cambodia started to explore the blockchain, and in April signed with Japan an agreement on the development of the project based on this technology to monitor interbank transactions and lending.

Local entrepreneurs engaged in bacchanal and seeking to facilitate international payments from Cambodia, said that the future of the blockchain in this country still remains uncertain.

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