Cambodia will not Issue Its Own Cryptocurrency

A firm called Entapay issued a press release on March 2 announcing Cambodia is considering issuing its own national cryptocurrency
06 March 2018   248

Government of Cambodia shot down rumors that it would be issuing its own national cryptocurrency, despite international media coverage and a high-profile government official’s plan to attend an event organized by the company responsible for the claims.

A firm called Entapay issued a press release on March 2 announcing the Asean Blockchain Summit would be held at the Sokha Hotel in Phnom Penh tomorrow. The press release says that “following Venezuela's lead, other countries have been trying to issue a legal digital tender, including Cambodia”, and announces deputy prime minister Men Sam An as the event’s keynote speaker.

News of the summit quickly spread to multiple bitcoin-related news websites and was picked up by the UK-based newspaper The Telegraph, which said that Cambodia was “expected to follow Venezuela with plans for a national cryptocurrency.”

But representatives from the National Bank of Cambodia (NBC) and Securities and Exchange Commission of Cambodia (SECC) denied those claims today, saying that the government was not involved in the summit or with Entapay, and that there were no plans to develop a national cryptocurrency.

NBC's stance on cryptocurrency remains the same: we consider this to be a risky instrument and do not encourage the public to get involved, or do so at their own risk.

Chea Serey
General director, Central Bank

Sok Dara, deputy director general of the SECC, also said that his agency had never approved the project.


Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.