Rumours circulate on cryptocurrency in Cambodia

Cambodia news in English! Here you'll find all the breaking news from Cambodia translated into English for our international readership and expat community to read and comment on. The majority of our news stories are gathered from the local Khmer newspapers, but we also bring you newsworthy media from Cambodia before you read them anywhere else. Because of the huge population of the capital city, most articles are from Phnom Penh, but Siem Reap, Sihanoukville, and Kampot often make the headlines as well. We report on all arrests and deaths of foreigners in Cambodia, and the details often come from the Cambodian police or local Khmer journalists. As an ASEAN news outlet, we also publish regional news and events from our neighboring countries. We also share local Khmer news stories that you won't find in English anywhere else. If you're looking for a certain article, you may use our site's search feature to find it quickly.
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Rumours circulate on cryptocurrency in Cambodia

Post by CEOCambodiaNews »

There have been a number of articles in the press recently, with claims and denials issued, relating to the cryptocurrency situation in Cambodia.

Rebuffed cryptocurrency company Entapay claims support from RCAF
16 March 2018
The strange saga of cryptocurrency company Entapay falsely claiming the endorsement of the Cambodian government continued yesterday when the firm issued a press release alleging that it had the support of the Royal Cambodian Armed Forces (RCAF) – a claim denied by military officials.

Entapay’s press release says that company officials met a “Benxian Xing”, who they said was a deputy commander of RCAF and head of the Royal Gendarmerie. The release claimed the meeting “signifies the Cambodia Blockchain Industry Development Association and Entapay have gained the Support of the Cambodian Military”.

No Cambodia general named Benxian Xing appears to exist, but on the “Acknowledgements” section of Entapay’s website, there is a picture of Hing Bun Heang displayed above that name. Bun Heang is the deputy commander of RCAF and head of Prime Minister HE’s personal Bodyguard Unit.

Chhum Socheat, a spokesman for the Defence Ministry, told The Post that he had not heard of reports of any high-ranking RCAF officers officially meeting with a Chinese company.

It is not the first time Entapay has made claims that were later disputed by government officials. Earlier this month, the company issued a release claiming to be the national cryptocurrency of Cambodia, which was picked up by international media outlets.
http://www.phnompenhpost.com/business/r ... pport-rcaf

National Bank of Cambodia Denies Cryptocurrency
17/03/18 12:19
Phnom Penh (FN), Dec. 29 - The National Bank of Cambodia (NBC) issued an emergency press release on Friday denying the false news that NBC has cooperated with Chaintope Company to launch K-coin cryptocurrency.

Regarding this concern, NBC has strongly condemned any individuals and any companies who used NBC’s name to disseminate such false information and that NBC is also taking legal action against the scam.

Meanwhile, NBC reaffirmed that they have never allowed the purchase and circulation of any form of cryptocurrencies, including the mentioned K-coin.

NBC released a resolution on Dec. 7 to all banks and micro-finance institutions in Cambodia to ban the trading of Crypto currency such as Bitcoin.

The National Bank of Cambodia added that any Cambodians who trade Crypto currency would face unknown risks as they could be associated with terrorism and black market.
=FRESH NEWS
http://en.freshnewsasia.com/index.php/e ... rency.html
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
User avatar
Username Taken
Raven
Posts: 13897
Joined: Mon May 19, 2014 6:53 pm
Reputation: 5962
Cambodia

Re: Rumours circulate on cryptocurrency in Cambodia

Post by Username Taken »

K-Coin - National token of Cambodia > > > https://www.acchain.org/en/kcoin_public.html
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Re: Rumours circulate on cryptocurrency in Cambodia

Post by CEOCambodiaNews »

UPDATE: The information in this article concerning Entapay is now being officially denied by the authorities.

Cambodia Issues National Cryptocurrency While Rejecting Other Cryptocurrencies
13 March 2018
As covered, Cambodia recently issued its own national cryptocurrency, the “Entapay.” The national cryptocurrency will reportedly have the potential to overthrow payments giants like VISA. Despite its seemingly forward-thinking approach, the country has been rejecting cryptocurrencies, while embracing blockchain technology.

According to the Pnom Penh Post, the country’s Deputy Prime Minister, Men Sam An, recently encouraged Entapay to follow the country’s laws. This, according to several fintech entrepreneurs the publication spoke to, is easier said than done.

Per In Mean, the lead developer of the Khmer Crypto Foundation, Cambodia’s central bank, the National Bank of Cambodia (NBC), has been reluctant when it comes to cryptocurrencies. So much so, that in December it declared cryptocurrency transactions illegal in the country.

Seemingly, the government doesn’t see Entapay like it sees Bitcoin or Ethereum. The cryptocurrency will have a multi-functional payment system, and offline transactions. Per its website, it has “quantum encryption technology,” and is “expandable” so its future development is “unlimited.”

Users will be able to manage various cryptocurrencies using an Entapay wallet, which means the country’s official stance on the cryptocurrency space may be about to change.
https://www.cryptoglobe.com/latest/2018 ... urrencies/
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
bangkokhooker
Expatriate
Posts: 1094
Joined: Mon Sep 04, 2017 3:14 pm
Reputation: 108
United States of America

Re: Rumours circulate on cryptocurrency in Cambodia

Post by bangkokhooker »

They (Entapay) sponsored a crypto event in PP that was a bit of a flop. Most people attending just went for the freebies and didn’t know anything about crypto for KH.
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: ali baba, Amazon [Bot], barang_TK, crackheadyo, mango, orussey98, PSD-Kiwi, Stravaiger and 674 guests