Cambodia is planning ...
Inspired by Venezuelan Petro, the rulers of Cambodia are beginning to think about introducing a state cryptocurrency. We have recently written about other cases of cryptocurrencies in an article .
The Cambodian project would be called Entapay. The assumptions are to be shown at the Blockchain conference in Phnom Penh. The press release issued before the event described Entapay as "a combination of payments by integrating the encrypted currency with the real world. It has great potential to even replace Visa as the new main payment method ". One also referred to Petro's cryptocurrency as an example of "avoiding economic sanctions from the West", which also has an equivalent from Cambodia. The Cambodian cryptocurrency may be an attractive option for Hun Sen - the Prime Minister of Cambodia, who is facing the threat of international sanctions for his government attack on the political opposition, media activists and rights. The White House announced last week that it would suspend several aid programs and military assistance for the authorities due to political instability.
... and the Marshall Islands approve
Another piece of information is that the Marshall Islands, as the only country in the world, have recognized the state cryptocurrency as the official legal tender. Its name is Sovereign(SOV) and it will become the second official currency next to the dollar. This year, the ICO will be issued there and every inhabitant of this island country will get the right number of coins. Unlike bitcoins and other cryptocurrencies that are not sovereign, SOV users will identify themselves using the SOV block, and when they decide, they will be able to easily show and verify the sources of funds. Cryptocurrency is presented as part of a wider part of the "E-conoma vision" to create a society that uses blockchain to run its own token and secure use of biometric identification. President Heine said:
"The government will invest revenues to support its efforts in climate change, green energy, health care for people still affected by US nuclear tests and education. In addition, SOV units will be directly distributed to citizens. "
Thus, two countries of the Pacific Ocean Basin reach the club of countries with a state cryptocurrency. We will keep you informed about other countries.