Cambodia may be launching their own cryptocurrency… or so the rumours state, news about Cambodia’s cryptocurrency, Entapay has been circulating and it is easy to see why this may be true.
As per numerous online news outlets, the Southeast Asian state is planning to move forward with launching its own cryptocurrency, Entapay, by taking a leaf out of Venezuela’s book – since the Latin American country recently launched its own cryptocurrency, Petro, to battle the sanctions put forth by the U.S.
The source of the news comes from this particular press release, which comes from a blockchain research group by the name of the Association of Southeast Asian Nations (ASEAN) Blockchain Summit.
The summit is supposed to be held Wednesday, March 7, and said press release worded the planned presentation in the summit for a new cryptocurrency called Entapay in such a manner that it seemed to the unsuspecting eye that the cryptocurrency was being backed by the government.
“Following Venezuela’s lead, other countries have been trying to issue legal digital tender, including Cambodia.” A section of the press release reads, following this with some facts about Cambodia’s financial potential, of how the 2018 ASEAN Blockchain Summit will be held in Phnom Penh, and how Men Sam An, the deputy prime minister of Cambodia, supports the “new application of cutting-edge blockchain.” It is prudent to note that never in the statement does the deputy prime minister support the cryptocurrency’s launch.
The press release then follows with mentioning Entapay.
“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.” These words are followed with Entapay’s functionalities and how it has “great potential to even replace VISA as the new mainstream payment mode.”
By using these words, the press release ensures that it is making no relation to Entapay being backed by the government, except for the title itself, which reads “Cambodia May Issue Its Legal Cryptocurrency, Following Venezuela”.
If you think that it sounds fishy so far, then the next part is just for you.
No, cambodia’s cryptocurrency is not in the cards for now
As mentioned above, the press release was adapted into a news story by various cryptocurrency news outlets, and it is still being reported by many of such digital news mediums.
However, according to local news sources, the Cambodian authorities vehemently denied any alleged plans of Cambodia launching its own cryptocurrency.
While the local publication confirmed from Sam An’s office about her being the keynote speaker to the event, it was also mentioned that she is only attending the summit by the invitation of Entapay, as it is regular for her, as the deputy prime minister, to attend social events.
What further makes the waters murkier for this particular cryptocurrency are the critical statements by the National Bank of Cambodia and the Securities and Exchange Commission of Cambodia, both of which denied any claims of the Cambodian government launching its own cryptocurrency.
The local publication also noted that several attendees and participants who are listed on the summit’s website could not be found with online searches, including the event’s host, the China Commerce in Cambodia Association.
The publication also covered that local cryptocurrency personalities also denied any knowledge of Entapay prior to the press release.
So cambodia’s cryptocurrency is just a rumor?
It seems that Entapay, if the reported venture even exists, has been trying to garner publicity by associating itself with the Cambodian government.
It is needless to say that this all seems a rumor for now, and if the project called Entapay actually exists, then this little publicity stunt by it is going to play very badly for it in the future – since it seemed to have been done in a very negative manner and alludes towards shady practices at best.