Inspired by Venezuela, Cambodia said to mull own cryptocurrency – officials deny

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A Cambodian firm is expected to announce on March 7 that it will launch the country’s own cryptocurrency called “Entapay” at the 2018 ASEAN BlockChain Summit held in Phnom Penh on that day. The digital currency is apparently modeled after Venezuela’s digital money “Petro” which was launched in February this year, a mysterious press release noted.

“Entapay will be first launched in Cambodia and be promoted all over the world. This project derives from ‘quantum entanglement’, meaning that security and encryption are the priorities, and commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of blockchain,” the release said.

“Entapay will be the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace Visa as the new mainstream payment mode,” it went on.

The release compares the Entapay project directly with Venezuela’s Petro, which Cambodia classifies as a digital currency that “assist[s] the country in avoiding the Western world’s economic sanctions – while providing a new channel of economic development for a country suffering from severe inflation.”

A similar currency in Cambodia, the press release notes, could help the country take advantage of the Blockchain revolution. It could also ease the country’s dependency on the US dollar which is the de-facto medium of exchange in the country. The national currency, the riel, is just used for petty businesses.

However, representatives of the National Bank of Cambodia and the Securities and Exchange Commission of Cambodia (SECC) denied those claims, saying that the government was not involved in the summit or with Entapay, and that there were no plans to develop a national cryptocurrency.

“We never recognised or offered any approval for any trading in cryptocurrency in Cambodia,” Sok Dara, deputy director general of the SECC, said, adding that “we still remind the public to be cautious of the high risk of cryptocurrency, because it is still unregulated.”

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Reading Time: 2 minutes

A Cambodian firm is expected to announce on March 7 that it will launch the country’s own cryptocurrency called “Entapay” at the 2018 ASEAN BlockChain Summit held in Phnom Penh on that day. The digital currency is apparently modeled after Venezuela’s digital money “Petro” which was launched in February this year, a mysterious press release noted.

Reading Time: 2 minutes

A Cambodian firm is expected to announce on March 7 that it will launch the country’s own cryptocurrency called “Entapay” at the 2018 ASEAN BlockChain Summit held in Phnom Penh on that day. The digital currency is apparently modeled after Venezuela’s digital money “Petro” which was launched in February this year, a mysterious press release noted.

“Entapay will be first launched in Cambodia and be promoted all over the world. This project derives from ‘quantum entanglement’, meaning that security and encryption are the priorities, and commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of blockchain,” the release said.

“Entapay will be the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace Visa as the new mainstream payment mode,” it went on.

The release compares the Entapay project directly with Venezuela’s Petro, which Cambodia classifies as a digital currency that “assist[s] the country in avoiding the Western world’s economic sanctions – while providing a new channel of economic development for a country suffering from severe inflation.”

A similar currency in Cambodia, the press release notes, could help the country take advantage of the Blockchain revolution. It could also ease the country’s dependency on the US dollar which is the de-facto medium of exchange in the country. The national currency, the riel, is just used for petty businesses.

However, representatives of the National Bank of Cambodia and the Securities and Exchange Commission of Cambodia (SECC) denied those claims, saying that the government was not involved in the summit or with Entapay, and that there were no plans to develop a national cryptocurrency.

“We never recognised or offered any approval for any trading in cryptocurrency in Cambodia,” Sok Dara, deputy director general of the SECC, said, adding that “we still remind the public to be cautious of the high risk of cryptocurrency, because it is still unregulated.”

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