Cambodia will be developing its very own cryptocurrency thanks to the inspiration provided by the Venzuelan Petro. The cryptocurrency project is set to be named Entapay and will be proposed in a blockchain summit that will see countries in Southeast Asia come together in the country’s capital, Phnom Penh. The event will be attended by Cambodia’s Prime Minister, Men Sam An.
Entapay has been described 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,” by a summit-related press release issued ahead of the event. The press release similarly referenced the Venezuelan Petro and described it as a tool that assisted the country from evading the economic sanctions placed by the Western World. The aim of the Petro was to initially supplement Venezuela’s plummeting currency – the bolivar fuerte. Venezuela, as well as countries such as Iran, North Korea, and Russia, are now seen as exploiting cryptocurrency’s popularity to free themselves from the control of the US as well as any central authority. Venezuela’s Petro cryptocurrency is supported by its oil and natural resources.
Cambodia meanwhile has an increasing number of crypto miners. The country’s interest in digital currencies may have been due to the threats of sanctions it has been receiving from international governments. The sanctions may have been prompted by Cambodian prime minister Hun Sen’s crackdown on activists, the media, and his political opponents. According to experts, a digital currency is one of the ways sanctions can be evaded mainly due to its anonymity and lack of proper regulations. Similarly, virtual currencies are also seen as an efficient tool to boost a country’s economy. The Marshall Islands for one – a country in the Pacific islands – is currently the first to have its very own nationally recognized digital currency.