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   611

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.

 

ICOs to Lose Popularity, Diar Research Say

Diar assumes that in the future unregulated ICOs won't attract significant attention
11 December 2018   31

Although since the beginning of this year, ICO-startups have managed to raise over $ 12.2 billion, the November figure was only $ 65 million, according to data from a new study of the Diar portal.

According to analysts, the once popular method of financing, which allowed startups to attract tens and hundreds of millions of dollars in the absence of any product, exhausted itself against the background of fears about regulators' actions and the general dynamics of the cryptocurrency market, which did not leave retail investors with anything except for an unpleasant aftertaste.

This version is also supported by the data from the TokenData portal, which Diar leads in his research. Even with respect to the October levels, which constituted only a small fraction of what could be collected a few months ago, the November figures were 3 times lower.

Diar assumes that in the future unregulated ICOs as we have known them over the past years will no longer attract significant attention and will give way to regulated platforms of tokenized securities.