After Petro from Venezuela, other counties have decided to introduce state-owned Cryptocurrency. Cambodia has planned to follow the same trend to create a digital currency of its own.
Venezuela played a crucial role in creating a cryptocurrency in spite of facing a lot of resistance from the people of its nation. In addition to Venezuela, Iran and Turkey have announced their intention to work on the development of a state-owned cryptocurrency.
The Cambodian project will be named Entapay and will be featured at the Blockchain Summit conference in Phnom Penh. As per statements from the press release, the obvious reasons for developing state-owned cryptocurrency are probably also very much in the evasion of economic sanctions from the West and the rest of the world.
Statement from Press Release reads as mentioned below
Following Venezuela’s lead, other countries have been trying to issue legal digital tender, including Cambodia. As an ASEAN country located in the Southeast Peninsula, Cambodia has seen a booming economy as of late, seizing the opportunity for participation in the global economy and scientific and technical revolutions to become “a country root from the blockchain.” …..
Entapay will be expected to become 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.
Among others, encryption and security would be the main objective of the project Entapy and furthermore Hun Sen, the Cambodian Prime minister added that with Entapay’s users will have “faster and more convenient service.”
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