Cambodia

Cambodia Reveals Plans To Create Its Own Cryptocurrency

Cambodia Announces Plans To Create Its Own Cryptocurrency

Cambodia is reportedly thinking of developing its own cryptocurrency. According to reports, the country’s digital currency project will be introduced during a blockchain summit, which is scheduled to be held in Phnom Penh, the nation’s capital. Men Sam An, Cambodia’s deputy prime minister, is expected to be present during the event on Wednesday.

The Southeast Asian country’s cryptocurrency project is called Entapay, and was first mentioned in a press release:

Entapay will be expected to become 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.

Moreover, the press release also noted that, during the upcoming March 7th, 2018 ASEAN BlockChain Summit, Entapay would first be introduced in Cambodia. Soon after, the country plans to promote it internationally.

Security & Encryption Are Top “Priorities”

Per the press release, the Entapay project will be derived from “quantum entanglement”, which means that encryption and security will be among the top priorities. Furthermore, another stated objective is to provide Entapay’s users with a “faster and more convenient service.” These goals appear to be quite common, considering that many crypto-platforms are now working on addressing problems plaguing major cryptocurrencies.

The most commonly reported problems with more mainstream cryptocurrencies, such as Bitcoin, include slow transaction processing times and high transaction fees. Clearly, any attempt to solve these problems would require a considerable amount of expertise in blockchain technology and cryptographic algorithms. It appears, based on Phnom Penh’s press release, that Cambodia and its government have been researching and trying to learn about how to apply distributed ledger technology (DLT) for many years now. Therefore, the Cambodian government might have a capable team to help them achieve the stated goals of “economic expansion” and “societal growth” by leveraging blockchain technology.

Cambodia’s Crypto Plan Is Similar To Many Other Countries

The Kingdom of Cambodia has joined a growing list of countries that are looking into developing their own cryptocurrency. As Core Media reported, TurkeyIran, and Switzerland have also recently announced plans to create their own digital currencies. Venezuela has already launched its own oil-backed cryptocurrency, which it plans to use to bypass international sanctions.

Based on these developments, it seems likely that many more countries could start launching their own, state-issued digital currency. The success of these crypto projects may largely depend on how ready a nation’s citizens are to actually begin using digital money. Given that being able to effectively use cryptocurrencies requires a fair amount of technical expertise, many less tech-savvy people might be reluctant to embrace them.