Tuesday, March 6, 2018

Cambodia may soon join Venezuela and the Marshall Islands in the creation of a sovereign cryptocurrency

With the news over the weekend of the Marshall Islands formally announcing they will be creating a national cryptocurrency to use as legal tender, another country residing in Southeast Asia has decided to follow suit.

Coming on the heels and 'perceived' success of Venezuela's Petro cryptocurrency, the nation of Cambodia on March 6 acknowledged that they are in the process of creating their own sovereign crypto that would not only protect them from future economic sanctions, but also act as a payment system using the Blockchain.

Cambodia is considering the development of its own national cryptocurrency after being inspired by the launch of the Venezuelan Petro in February. 
The Cambodian crypto project would be named Entapay, and is expected to be proposed at a blockchain summit of Southeast Asian nations in its capital, Phnom Penh, on Wednesday, which will be attended by the country’s deputy prime minister, Men Sam An. 
A press release issued ahead of the summit described Entapay ambitiously as “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 also referenced the creation of the Petro as a means to “assist the country in avoiding the Western world’s economic sanctions.” – UK Telegraph


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