Cambodia To Join Venezuela By Launching A Crypto Currency
After Venezuelan launched the Petro in February which is backed by the countries’s oil and natural resources, Cambodia is now joining in. The Cambodian crypto currency will be called the Entapay, and will be proposed at a blockchain summit of Southeast Asian in its capital, Phnom Penh, on Wednesday. The country’s deputy prime minister, Men Sam An, will be there.
Venezula launched its crypto currency to “assist the country in avoiding the Western world’s economic sanctions.”
Hun Sen, the Cambodian prime minister, is also facing the threat of international sanctions due to his government’s crackdown on the political opposition.
Entapays press release claims “It has the great potential to even replace VISA as the new mainstream payment mode.”
This isnt Cambodias first venture into blockchain. Last year they partnered with a Japanese company to test distributed ledger technology for payment services.