Blockchain Daily

Rumours of a Cambodia cryptocurrency launch are quashed by government officials

Rumours of a Cambodia cryptocurrency launch are quashed by government officials

According to many media outlets over the past week, Cambodia is set to follow Venezuela’s example and launch a national Cambodia cryptocurrency following a high-profile event taking place in Phnom Penh today (March 7).

But, according to The Phnom Penh Post, those rumours have been denied by Government officials, who say there are no plans afoot to launch a digital currency as a safety precaution against financial sanctions from the U.S.

“NBC’s stance on cryptocurrency remains the same: we consider this to be a risky instrument and do not encourage the public to get involved, or do so at their own risk,” said Chea Serey, director general of the central bank, while Sok Dara – deputy director general of the SECC – also echoed the sentiment. “We never recognized or offered any approval for any trading in cryptocurrency in Cambodia” explained Dara, adding: “We still remind the public to be cautious of the high risk of cryptocurrency, because it is still unregulated.”

Where did the rumours come from?

The rumours were quick to flood the internet, with the Telegraph reporting that the Cambodia cryptocurrency project would be named Entapay, and would be unveiled at the Blockchain summit, which the country’s president Men Sam An is attending. The Telegraph also referenced a press release, which stated: “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 appears though, if the noises coming from government officials are to be trusted, that there aren’t plans to create a South East Asian version of the Petro Coin. “Cryptocurrencies are a lot about a great marketing,” Vladimir Nodzak, co-founder of Codingate who recently launched a Cambodian blockchain initiative, explained. “However the event has “Asean” in its name, but the supporters’ logos and guests seem to mainly be from or related to China and [Hong Kong]… I would expect more Cambodians to be involved when presenting a National Crypto,” he said, sceptical of the rumours.