After Venezuela, has already carried out a successful ICO, the country’s own crypto currency, Petro, announced for more countries to bring crypto currency to the market. Cambodia would like to follow this model and has announced the creation of measures to make its own digital currency.
Venezuela bears a pioneering role when it comes to the development of a digital currency in spite of great resistance in their own country. In addition to Venezuela, Iran, and Turkey have announced that they are working on the development of a country’s own crypto currency. Now Cambodia wants to tighten and is a crypto-currency.
The Cambodian project will bear the name Entapay and the Blockchain Summit meeting on Wednesday in Phnom Penh are presented. In a press release that was published prior to the conference, said:
Following Venezuela’s lead, other countries have been trying to issue legal digital tender, including Cambodia.
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.
…assist the country in avoiding the Western world’s economic sanctions.
Particularly, the last paragraph shows that currencies of the reasons for the development of a private Crypto also very strong in the circumvention of economic sanctions from the West and the rest of the world.
One of the objectives of the Petro is to bypass the sanctions of the USA and / or its impact on the economy, to weaken the strength of the country.
The creation of a separate crypto-currencies seems to be from the point of view of the President of Cambodia, Hun Sen, also a way out of the economic sanctions and the international exclusion. The course of the morning conference will show how the project progressed in the implementation.
Furthermore, we can well imagine that other countries will follow the example of Venezuela, in order to circumvent economic sanctions and the economy of their own country.
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