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After Venezuela, Cambodia is now also planning to introduce its own crypto currency. The blockchain technology is primarily intended for the further development of the domestic economy. However, there could be political reasons behind this, as Western countries are threatening to impose sanctions against Cambodia.

Cambodia has one of the highest growth rates in the world and has long been regarded as a proponent of blockchain technology. The holding of this year’s ASEAN BlockChain Summit, which is currently taking place in the capital Phnom Penh, also speaks for this. Among those taking part will be well-known politicians from the Southeast Asian country, who, according to their own statements, are banking on a crypto currency for the development of the domestic economy. This crypto currency, about which little information is still known, should be able to replace the use of credit cards.

Similar to the Venezuelan Petro

Cambodia’s crypto currency is said to be similar to Venezuelan petroleum. The latter is the first state coin that is oil-bound and is supposed to help the South American state out of the financial crisis. Similar to South America, the issue of its own crypto currency in Cambodia is a reaction to announced sanctions from abroad. These are the result of anti-democratic tendencies that have emerged recently. Not only has the independent judiciary been instrumentalised for political purposes, but unwelcome media and the most important opposition party have also been closed within a few months.

While in Venezuela the crypto currency is hedged by crude oil barrels, Cambodia can hardly fall back on mineral resources. Many areas of the Southeast Asian country have simply not been explored. As a result, it remains unclear how the government envisages covering the state coin.

Supplement

Exclamation mark, correction, denial. The Cambodian government denies to want to create its own crypto currency. Both authorities, the National Bank of Cambodia (NBC) and the Securities and Exchange Commission of Cambodia (SECC), denied these rumours immediately at the request of the Phnom Penh Post. The report is false and solely due to the press release linked below. Crypto currencies are currently still highly risky and not an issue, according to Chea Serey in the Phnom Penh Post. However Chea Serey had expressed itself some months ago in an interview in the print magazine SEA Globe opposite the topic Blockchain very positively. Chea is the chairman of the Cambodian Central Bank. And this same bank announced a cooperation with the Japanese company “Japanese Blockchain identity” at about the same time. In this context it was understandable (several independent sources) that the press release linked below was taken up by well-known online sites.