Logo of Phnom Penh Post newspaper Phnom Penh Post - Crypto-currency eyes Cambodia with new terminals

Crypto-currency eyes Cambodia with new terminals

Crypto-currency eyes Cambodia with new terminals

Cambodia is proving to be an attractive target for crypto-currencies, with one of the most recently established operators of virtual money declaring their intention to roll out terminals in Phnom Penh this year.

Officials of the foundation that founded Blackcoin, a digital-currency formed in February by a Russian developer named rat4, say they have secured the purchase of two terminals; one to facilitate exchange between US dollars and Blackcoin, and the other to make retail payments, the Phnom Penh based co-founder of the Blackcoin foundation Josh Bouw told the Post.

“We are considering giving the terminals to local currency traders – one in Central Market and the other in Tuol Tompuong,” the 23-year-old from Canada said.

The machines could be operational as early as July, Bouw added.

The terminals, developed by Canadian firm Coinkite, accept a range of different crypto-currencies including Blackcoin and Bitcoin. Users input their crypto-currency debit card, then depending on which crypto-currency you select, the machine will either charge your account directly or produce a barcode receipt that users scan with their phone to make a deduction.

The terminals allow Blackcoin holders to make purchases at places such as clothing stores and coffee shops that choose to participate.

Like other crypto-currencies, Blackcoins are purchased online for legal tender and then traded directly between one Blackcoin holder to another without the need for a third party, such as a bank.

As at 5pm yesterday, there were more than 74 million Blackcoins in circulation, with a total market value of more than $9 million, or $0.12 per coin.

Bouw said he is aiming to bring more terminals to the capital in the future.

There are now an estimated 290 different crypto-currencies, including Blackcoin and the flagship Bitcoin, currently being traded online.

In March the Post reported local businessman Ki Chong Tran submitted a request to the Bitcoin Foundation asking for a $100,000 grant to establish a crypto-currency network with ATMs here in Phnom Penh.

The Bitcoin article prompted an April 7 announcement from the National Bank of Cambodia that crypto-currencies would not be recognised as legal tender in Cambodia.

The NBC cited inflated risk of cyber-crime and hacking, money laundering and terrorism financing due to the absence of any regulation and consumer protection instruments within the crypto-currency framework as key reasons for the refusal.

Newcomer Blackcoin has also called on Cambodia’s largest payment transfer and remittance service, Wing, to help facilitate acceptance of crypto-currencies in Cambodia.

However, Wing CEO Anthony Perkins told the Postyesterday that while crypto-currencies are an “exciting” development, his firm’s stance on the issue was in line with that of the NBC's.

“Wing is not in a position to consider direct cooperation with such entities for electronic transactions or interchange until such time as they or their new currencies are recognised by the NBC,” he added.

MOST VIEWED

  • Forest Harmony’s $18M luxury villas break ground in Kampot

    Local and French joint-venture Forest Harmony has broken ground on its $18 million “second-home” Luxury Holiday Villas project in Kampot province. Century 21 Mekong CEO and local shareholder of the project Chrek Soknim told The Post that the project will comprise 90 villa units covering 18ha on a 97

  • US, Cambodia pledge to strengthen military ties

    The US on Tuesday pledged to help train military officers, particularly Cambodia’s blue helmet troops deployed for UN’s peacekeeping operations. The pledge was made during a meeting between US ambassador Patrick Murphy and Royal Cambodian Armed Forces (RCAF) commander-in-chief General Vong Pisen. Further

  • Rights Day forum denied in Sihanoukville

    The Preah Sihanouk provincial administration last Saturday denied the request of land communities for a public location in the province to celebrate International Human Rights Day 2019 as the administration had already held forums to discuss land issues. However, the land community representatives said they would

  • Sokha lodges an appeal over treason case reaching court

    Kem Sokha, the president of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), has appealed against the decision to send his treason case to trial. Sokha’s legal team said their client was not satisfied with the decision of a Phnom Penh Municipal Court investigating

  • Gov’t approves $9B worth of building projects in 2019

    The government has approved more than $9 billion this year for capital investment in the construction sector, a nearly 80 per cent increase on last year, with most of the growth coming from projects in Sihanoukville, according to Minister of Land Management, Urban Planning and Construction Chea

  • King rescinds oknha honorific of 46 National Police officials

    The oknha titles of 46 National Police officials with the rank of general, as well as senior officials in the ministries of Interior and National Defence, will be withdrawn following a royal decree from King Norodom Sihamoni. National Police spokesman Chhay Kim Khoeun told The Post