Cambodia May Issue Its Legal Cryptocurrency, Following Venezuela

This summit is believed to be the establishment of an international platform for cooperation and communication on the application of blockchain technology, to boost innovation of blockchain technology and its application in different scenarios and promote the blockchain fin-tech in both Southeast Asia and internationally.
a year ago

PHNOM PENH, Cambodia, March 2, 2018 /PRNewswire

On February 2 local time, the Venezuelan government began the pre-sales of a kind of digital currency called Petro. It aims to assist the country in avoiding the Western world's economic sanctions - while providing a new channel of economic development for a country suffering from severe inflation.

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."

On March 7, Cambodia will realize its financial potential, holding the 2018 ASEAN BlockChain Summit in its capital city. 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.

With "District Moving the World Link the Future" as the topic, this summit is designed for the world's foremost international technical institutions, renowned scholars and economists, and even Men Sam An, the member of the Central Committee of People's Party, Deputy Prime Minister, and the Minister of Parliament Contact and Supervision of the Kingdom of Cambodia.

Men Sam An said she hopes that the new application of cutting-edge blockchain can boost Cambodia's economic growth to further develop the global smart economy by combining the application of the most advanced fin-tech in China and beyond with the practical conditions presented to Cambodia.

This summit is believed to be the establishment of an international platform for cooperation and communication on the application of blockchain technology, to boost innovation of blockchain technology and its application in different scenarios and promote the blockchain fin-tech in both Southeast Asia and internationally.

The first institute for technology and application of blockchain will be built in ASEAN for this summit. It will be part of supporting the application of blockchain technology in Southeast Asia and the governments and boosting its construction and application in the region, for leapfrog development of economy in Cambodia. Through these ends, Cambodia shall have more discourse rights in global financial technology domains and even international politics and economics.

Most notably, this summit will propose a vital project called Entapay, which will be first launched in Cambodia and be promoted all over the world. This project derives from "quantum entanglement", meaning that security and encryption are the priorities, and commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of 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.

Source: ASEAN-Blockchain

Illustration Photo: Cryptocurrency (CC0 Creative Commons from Pixabay.com)

Loading...

Comments

No comments to display.

Related posts

Call for Applications: Conceive the packaging of the Future !

Your mission is to imagine the future of steel packaging for food. That means providing new and innovative solutions and designs for food packaging which have a very high percentage of steel. Your ideas need to be original, practical, functional AND feasible.
Application Deadline in a month

Solid Biomass Supply for Heat and Power: Technology Brief

Solid biomass from forests, farms and cities provides a major energy source for heat and power generation, potentially accounting for a fifth of global energy consumption by 2050 amid accelerated adoption of renewables. But wood and crop residues need to be collected from widely dispersed sites and stored for use at the optimal time, and at a cost-effective scale, in district-heating systems, power plants, and combined heat and power plants.

Management and Monitoring of IoT Devices Using Blockchain

Nowadays, we are surrounded by a large number of IoT (Internet of Things) devices and sensors. These devices are designed to make life easier and more comfortable. Blockchain technology, especially its mass application, is becoming a term number one. Adoption of blockchain into enterprise networks still has a few challenges that need to be tackled. Utilizing blockchain can bring increased security and efficiency of network maintenance.

Call for Proposals: Biodiversity conservation and addressing Climate change adaptation in Central and Western African countries

This program’s main objective is to strengthen local NGOs in Central and Western African countries contribute to biodiversity conservation and addressing climate change adaptation by funding local projects.
Application Deadline in a month

Use of Space Technology in the agriculture sector in India

The Ministry of Agriculture and Farmers Welfare, has been pro-active in using the space technology in agricultural sector. The Ministry, since early 80s has been funding various projects, under which Indian Space Research Organisation developed methodologies for Crop Production Forecasting.

EU's Call for Proposals: EIC Horizon Prize for 'Affordable High-Tech for Humanitarian Aid'

Solutions should be developed through a frugal innovation approach, and should be novel and based on advanced technologies and services, demonstrating the added value and potential of one or more advanced technologies (not only limited to Information and Communication Technology). Tested and proven in humanitarian aid delivery, these solutions should be safe, scalable, resource-sustainable, replicable and usable in other contexts.
Application Deadline in a year
10 hours ago

EU's Call for Proposals: Blockchains for Social Good

The challenge is to develop scalable, efficient and high-impact decentralised solutions to social innovation challenges leveraging Distributed Ledger Technology (DLTs), such as the one used in blockchains.
Application Deadline in 6 months
10 hours ago

EU's Call for Proposals: Horizon prize for CO2 reuse

The prize will induce actors in the field of CO2 utilisation to do more to enhance their processes and products so that they reduce atmospheric emissions of CO2. It aims also to mobilise and enhance private R&I investment, attract non-traditional players, create new partnerships and incentivise researchers and innovators to enhance efforts to abate emissions of anthropogenic CO2 to atmosphere.
Application Deadline in a month

Novel seaweed products to combat iodine deficiency disorders

According to the World Health Organization, 40 % of the world's population is at risk from iodine deficiency. Seaweed is the best known and most reliable source of natural iodine, but production is dominated by larger Asian players, and seawater pollution affects product quality.