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   434

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.

 

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.