Let us find & review ”Cambodia Bitcoin Exchanges” to find a Marketplace to trade Bitcoin, by comparing a list of reputable platforms that provide Blockchain-related service in this region of South East Asia. Sign up with an active Crypto Exchange, P2P marketplace or trusted Third-party Merchant to begin trading Cryptocurrencies like Bitcoin, Ethereum & BitcoinCash using the local currency, the Cambodian Riel or US Dollar
Cambodia is not a country most people would associate with Bitcoin or other Cryptocurrencies, that is because this Nation is a relatively small player in the global economy but has enjoyed plenty growth throughout the recent decade and is bound to experience more economic prosperity in the coming years, as this country is poised to become one of South East Asia fastest developing Nation. The continuing increase in the Kingdom’s digital statistics is a testament to the country’s thrust to embrace the digital age. Based on statistics, Cambodia would soon have the infrastructure needed for mass Cryptocurrency adoption with a strong & growing telecommunication sector that plans on providing internet access to 100% of Urban dwellers and 80% of the Rural dwellers by the year 2020, with a current 49% internet penetration rate as of 2017.
Regardless of better internet connectivity, more than 80% of the population is still unbanked as ”Cash is still king”, this makes Cambodia the perfect country to experiment with Digital Currencies as a sort medium of exchange or store of value. With a population of 16 Million, the reality is that most people in Cambodia don’t have a bank account and lack access to financial services but this is set to change with the plan of modernizing the economy.
It turns out that there are currently fewer people who have access to financial banking services in Cambodia when compared to the majority who use services provided by microfinance institutions (MFIs) like Prasac, Royal Microfinance or WingMoney. Microfinance services have become a popular alternative to traditional Banking, however there are major drawbacks to this as there is a lot of risks involved with Institutions whose primary goal is to generate profit. In fact, the Government has in past raised concerns regarding this practice of this industry by implementing an annual interest rate ceiling for MFIs as well issuing out a warning to those investing in Cryptocurrencies. The National Bank of Cambodia (NBC) will try their best to regulate Financial Markets in hopes of strengthing its monetary control over the country, especially since Cambodia’s monetary policy is dictated by its dependence on the US dollar and the national central bank is actively looking at solutions to sway control its way.
Cambodia is also in a truly unique position whereby the economy is so highly dollarized that the country hardly has an effective monetary policy, to a point that de-facto currency is the US dollar instead of the Cambodia Riel with an estimated 83% of the transaction being conducted using the dollar. This is such a high percentage level of dollarization in the country and what this means is that you don’t need to be concerned about getting Riel when you arrive in Cambodia, because ATM’s actually dispense out US dollars.
It would make sense to assume that the Central Bank of Cambodia is considering using a national Digital Currency with the idea of reducing the Country Dollar reliance. The country’s ease with having multiple currencies would mean that digital currencies stand the chance to gain more widespread adoption & acceptance throughout Cambodia. With the intention of strengthing monetary control, Cambodia’s Central Bank has also become wavier of emerging Cryptocurrencies like Bitcoin. Cryptocurrency exists in a legal “grey area”, according to several entrepreneurs pursuing crypto projects in the Kingdom, with the government rejecting the currencies themselves while embracing the underlying technology.
In April 2017, the National Bank of Cambodia (NBC) announced a partnership with Soramitsu Co., a Japanese Blockchain identity company to develop a public payment system using blockchain technology for its citizens. The NBC signed an agreement with a Japanese firm in April to develop a blockchain-based project for its own internal use, which would track interbank lending and transactions. There was also Hype regarding the project ”Entapay”, as it was circulating online that it was the official Cryptocurrency of Cambodia, however the truth is that the Government is merely supporting the development of the Company with the intention of eventually implementing a Blockchain for close-loop transaction. In reality, Entapay is a cryptocurrency aggregated payment system that is based on Blockchain technology that offers storage management, trading, an exchange, and offline transactions. Authorities are carefully studying this Technology, a sign of acknowledgment with agenda to enhance the central bank’s ability to facilitate and monitor interbank lending and transactions
During the great bull run of December 2017, the Central Bank of Cambodia declared Cryptocurrency transactions unlawful and have in response prevented clients from utilizing their financial institution accounts to trade Digital currencies, essentially banning the country’s banks and microfinance establishments from utilizing Blockchain Technology as of form of medium of Exchange. A move that has hindered the growth of Blockchain technology adoption in Cambodia, making it unclear for the Bitcoin Community to commerce in Cryptocurrencies despite the fact Digital Currencies are not outlawed, meaning all Cambodian citizens are entitled to invest in Bitcoin however, there is zero obligation for the Government to intervene in the event of a loss, hence investors are not protected.
As of today, Cambodia’s Central Bank has banned private Banks and Microfinance institutions from buying, selling and advertising Cryptocurrencies causing a lot of problem for the industry as Entrepreneurs are preventing their clients from using their bank accounts to engage in Cryptocurrency trading. This has made it difficult for people to trade in Cryptocurrencies even though the government did not outlaw people from owning them, which led to a state of confusion for the country’s Cryptocurrency entrepreneurs, resulting in a small number of services being offered throughout the country and leaving thousands of new users struggling to tap into the expanding global Cryptocurrency market from Cambodia.
The Cambodia authorities seem to have a more negative rather than positive stance towards Bitcoin, as the government is currently studying the possibilities of using Blockchain technology for a National-backed currency. The Central bank has shown greater interest in Cryptocurrencies as of late, that said blockchain’s future in Cambodia still remains uncertain. Enthusiasts say it’s a good sign that the national bank is trying to study blockchain technology in hopes of implementing it in the future
Cambodia Bitcoin Exchanges
BitcoinCambodia
As for this particular Marketplace, the focus is to provide a basic service to allow Cambodians the opportunity to quickly buy & sell Bitcoin using the de-facto currency, the US Dollar. The company has set itself a mission of establishing a basic platform for Cambodians to trade digital currencies, by creating a more established Bitcoin Market domestically leading to better price discovery without the dependency of foreign-based Exchanges
To sign up with BitcoinCambodia.com, a user would need to email customer support in order to receive an invitation link to register themselves as a Member, an option only available to local residents because the Exchange uses a third-party service payment solution provider known as ”*TrueMoney-Agent” to make a deposit or withdrawal. TrueMoney is a popular (mobile) payment provider in Cambodia that enables customers, who are typically “un-banked”, to access financial services using their mobile phone or/and the TrueMoney agent network (Terminal POS).
There isn’t much information available online on BitcoinCambodia, as we consider this service unregulated and more of an effort done by a group of committed local Bitcoin Enthusiasts interested in to establish a Digital Marketplace for trading Cryptocurrencies, knowing that it’s incredibly difficult to trade Digital Currencies in Cambodia as of right now.
Go to BitcoinCambodia.com
LockCoin
LOCKCOIN is targetting a global audience of Crypto Traders, as to create a more established Exchange with ample volume & liquidity regardless of being headquartered in Cambodia. Anyone is allowed to sign-up with this exchange if they’re interested in trading Bitcoin, Ethereum or variety of Altcoins.
This Exchange does not provide Trading pairs for the Cambodian Riel nor accepts the currency for Account Deposits/Withdrawals however, Lockcoin Exchange supports popular currencies like the United States dollar, Pound Sterling, Euro, Yen and other multi-country for top-up cash withdrawal. Lockcoin Exchange has enough liquidity in both Cash and Bitcoin and manages to attract traders to its platform to trade Bitcoin. This marketplace is similar to the majority of other Exchange that provides reliable trading charts, tools and supports a variety of Trading pairs but does not support the Cambodia Riel due to regulatory concerns
Having the first mover advantage, Lockcoin will likely remain a popular Exchange in Cambodia and may also attract international investors. It should be as safe and easy for both first-timers and seasoned enthusiasts to begin using the service to trade Bitcoin & Altcoins
Go to LockCoin.net
Peer-to-Peer Exchanges
LocalBitcoins
A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the most popular Bitcoin P2P for Cambodian citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act’s as a third-party to ensure that trades are conducted fairly
Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries. If you’re considering buying Bitcoin in a country like Cambodia, it’s recommended to avoid unregulated third-party marketplaces and instead use a P2P marketplace like Localbitcoins. This is the fastest method to obtain Bitcoin in Cambodia without having to go through a time-consuming KYC procedure and it’s easy to find reliable vendors buying/selling Bitcoin so do check out ”EkongKee” on Localbitcoins as he is a Blockchain enthusiast living in Kampong Chhnang. He trades under the moniker EKonkee on Local Bitcoins and his offers can be seen at bitcoincambodia.co , a website that has become popular among Cambodia Blockchain Enthusiasts, as it offers an easy way to acquire BTC quickly without the need for a bank account, credit card or much technical knowledge.
Go to LocalBitcoins
Remitano
By using the site users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Similar to Localbitcoins, Remitano offers an online wallet, an escrow mechanism for making trades, and dispute resolution services.
As for now, there is plenty of volume found for the liquid pair KHR/BTC on this P2P as they play an important role for the overall Bitcoin Market, because it provides an active marketplace of buyer & seller willing to trade the Cambodian Riel in exchange of a variety of Digital Currencies besides BTC. While LocalBitcoin.com is a more reputable service, Remitano has proven to be a worthy contender, as this peer-to-peer exchange has grown in popularity and earned a name for itself, especially in Cambodia & the rest of South East Asia. We at CryptoHype believe that Remitano offers the best P2P Marketplace for Cambodian residents, as Customer service and ease of usage applies makes this a go-to platform to engage in Cryptocurrency trading
Since Remitano is popular among Cambodian residents, its likely to remain one of the more active decentralized marketplace for buyer/sellers of digital currencies such as Bitcoin, Ethereum, Bitcoin Cash & USD Tether
Go to Remitano
