Cambodia Mulling Launch Of Cryptocurrency Entapay
Following the launch of cryptocurrency Petro by the Venezuelan government, Iran and Turkey are working to launch their state-backed cryptocurrencies. The latest country to join the cryptocurrency bandwagon is Cambodia. The country will host the 2018 ASEAN BlockChain Summit, beginning tomorrow, in the capital city Phnom Penh. During the summit, Cambodia plans to propose a cryptocurrency project called Entapay. Cambodia aims to promote Entapay all over the world.
The summit is expected to provide a platform for cooperation on the application of blockchain technology to boost innovation in different sectors. The summit also aims to promote blockchain financial technology in Southeast Asia and worldwide.
The first institute for technology and application of blockchain will be established in ASEAN for this summit. The institute will support the application of blockchain technology in Southeast Asia and enable faster growth of the Cambodian economy. Through these measures, Cambodia aims to have a credible share in global financial technology.
The economy has been booming of late, providing investment opportunities to entrepreneurs. Phnom Penh, Cambodia’s largest city, is also regarded as the country’s political, economic, cultural, transportation, trade and religious center. In recent years, the Cambodian government has paid great attention to, and has been exploring new ways for the development of blockchain, exerting itself to have a shift in thinking in utilizing blockchain for economic expansion and societal growth through cooperation with rapidly developing countries.
This project derives its name from “quantum entanglement”, meaning that security and encryption are the priorities. Entapay commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of blockchain. Entapay expects to bridge the gap between cryptocurrency and the real world. In the long-run, Cambodia aims to replace VISA with Entapay as the new mainstream payment mode.