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September 19, 2024 Coin Telegraph

US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking Links

September 13, 2024 Bitcoin.com

Cambodia’s Bakong Tourists app boosts regional payment options

August 20, 2024 Coin Telegraph

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July 16, 2024 Bitcoin.com

UN Development Programme Partners With Dfinity Foundation to Boost MSME Inclusion

July 3, 2024 Bitcoin.com

Cambodian digital currency bakong amps up use case with Alipay agreement

November 20, 2023 Coin Telegraph

Alipay

The CBDC-like bakong provides digital payment services in riel and the U.S. dollar. It has been steadily extending its regional scope.

The bakong, a digital currency operated by the National Bank of Cambodia (NBC), will provide users with access to the Alipay merchant network and enable cross-border transactions on Alipay+ using QR codes under a memorandum of understanding (MoU) signed at the FinTech Expo in Singapore, the local press reported.

The bakong service operates by the NBC on a blockchain, but it is not a central bank digital currency (CBDC), as the currency is a liability of the commercial banks that use it. The bakong enables both United States dollar and Cambodian riel accounts. The Cambodian economy is heavily dollarized.

The MoU means that Cambodians will be able to use riel from their bakong wallets to shop with 83 million merchants worldwide on the Alipay network. In addition, Chinese tourists who have accounts with China’s massive Alipay electronic payment system will be able to shop in Cambodia using the QR codes of the bakong KHQR system. NBC governor Chea Serey said:

“The simplicity of making payments provides merchants with a revenue boost, helping to stimulate economic activity. I’m confident this collaboration with Alipay+ will be beneficial for all parties.”

There were 35.4 million transactions worth $12 billion using the bakong in the first half of 2023, the Phnom Penh Post reported on Nov. 17.

The bakong payment was launched in 2020 and was designed for sending remittances an making purchases. Its mobile app was developed in collaboration with Japan’s Soramitsu blockchain. In August, Soramitsu announced plans to use the bakong to develop a cross-border payment system encompassing India, China and Japan. The bakong is already used in Malaysia, Thailand and Vietnam.

Local vendors can now use the KHQR network of the Bakong system, a part of the National Bank of Cambodia (NBC), to make payments to over 80 million Alipay merchants globally.https://t.co/hLagrXU08X
— The Phnom Penh Post (@phnompenhpost) November 17, 2023

In July, the NBC signed a MoU with China’s UnionPay International on the use of QR codes for cross-border payments.

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Binance to assist Cambodia in developing crypto regulations

June 30, 2022 Coin Telegraph

Binance

Crypto exchange Binance has signed similar agreements with governments in Kazakhstan, Dubai and Bermuda.

Crypto exchange Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.

Binance and SERC will work together to develop crypto regulations in the country. SERC is looking to leverage Binance’s technical expertise and experience in the field to develop its own legal framework for the digital asset market.

Cryptocurrencies are not regulated in Cambodia and any unlicensed activity involving these digital assets is highly prohibited. The partnership could prove pivotal for the South Asian nation where any crypto-linked activity is deemed illegal since 2018.

Asia has become a crypto hotspot over the years with several nations in the region adopting a pro-crypto approach. The likes of Thailand, Singapore, Malaysia, Philippines have come up with progressive regulations to promote the use of crypto assets in their respective countries.

Binance has paid special attention to good regulatory relations, especially after its 2021 debacle that saw nearly half a dozen countries issuing compliance warning against the crypto exchange. The leading crypto exchange has mended its relations since then and has forged critical partnerships in Asia over the past year in countries such as Thailand, Malaysia and Singapore.

The crypto exchange has also made a name for itself when it comes to offering technical expertise to governments about crypto and helping them with regulating the nascent sector, The exchange had signed a $15 million investment agreement in Bermuda to teach and educate the community about crypto.

Binance’s regulatory in-roads in the emerging markets have caught the attention of many including the likes of Alex Gladstein, chief strategy officer at Human Rights Foundation. Gladstein lauded Binance’s recent expansion in emerging markets such as Asia, Africa, and the Middle East and said:

“While Western cryptocurrency companies are buying Superbowl ads and sports stadium rights, Binance is ruthlessly and custodial taking over emerging markets in Asia, Africa, the Middle East, and Latin America. They are winning.”

Earlier in May Binance signed a similar MoU with the government of Kazakhstan, to help them with crypto adoption and regulations. Similarly, it had signed an MoU with the Dubai World Trade Centre Authority (DWTCA) in December last year and later bagged a license to operate in the country as well.

Bitcoin runs the world: Traveling to 40 countries in 400 days with BTC

March 16, 2022 Coin Telegraph

bitcoin meetup

A runner and Bitcoin hodler from India is on a mission to travel to 40 countries in 400 days using Bitcoin only.

A fast-moving Bitcoiner has run through 7 of 40 countries on his Bitcoin-powered marathon around the world.

Paco the Runner, also known as Paco de la India, set off on Sept. 17, 2021, paying for his entire running trip thanks to all the Bitcoiners around the world. He’s showing that “Bitcoin gives everyone freedom in the way they desire it.”

*Buying an icicle for Sats early on his journey. Source: Twitter*

Paco went from “living a lie on the fiat standard,” to traveling the world living off Bitcoin (BTC) only when a dear friend gifted him the book, The Bitcoin Standard. The reading and subsequent conversations with friends about money and the nature of the world led him down the Bitcoin rabbit hole.

He told Cointelegraph that “once you see it, you can't unsee it." He’d been orange pilled:

“It was a full moon night and my friend asked, do I wanna travel the world? I said yes. He says you have to travel on Bitcoin.”

From that moment onward, Paco’s travel plans morphed into a "Bitcoin awareness, mass adoption, and showing the kindness of humans” campaign. He documents the journey and every Bitcoin transaction via travel vlogs and social media updates.

He is keen to “share Bitcoin with people from different walks of life is a blessing. To be able to share the importance of bitcoin compared to shit coins with everyone is like one of the best works.”

So far he has successfully lived off BTC through the first seven countries of his travels. He only uses "cash for public transport." Nonetheless, the Bitcoin-only journey has not been without hitch.

While visiting Sri Lanka, he lost his “room keys and the hotel owner was upset.”

“I requested for a spare copy and ran to a neighboring town, and there was no electricity. Finally, it came and I asked him will he accept Bitcoin, he said yes. LIKE WTF. BITCOIN KEY MAKER.”

*Paco with the room key he paid for with Sats. Source: Twitter*

He also recalls the moment he arrived at the Koh Samui in Thailand, an island known for its anti-Bitcoin sentiment. He was scared as it was a new island, 100 km big. Panic set in as Paco thought to himself, how I am going to live on such a large island with no money?

Fortunately, he started walking the island and "In 200 meters I saw a sign that said the place accepts Bitcoin. Like the universe conspired for this to happen.”

There’s also:

“A train ride in India and my neighbor had a Trust wallet, gave him few sats and got me dinner for the night. A guide in India, [who I] convinced him to accept Bitcoin. [In] Cambodia, I went for a pub crawl ad paid for it on Bitcoin.”

The list goes on and on: a banana bread baker in Cambodia, “haircuts, burgers, Tuk-tuk, Dentists,” even a “silver coin” paid for with BTC.

*A Tuktuk, a guide and Banana Bread in Siem Reap, Cambodia - all paid for with Bitcoin. Source: Twitter*

It’s not easy, but Paco recommends that for other aspirational Bitcoin travelers, it’s best to start small:

“Orange pill your neighbor, your favorite shop, bar, cinema, start sharing your sats. It's easy for them to learn from a known face like yours. Be that little pebble that you throw in the lake and it will create ripples that coming generations will benefit.”

In the meantime, Paco will continue his runs around the world, meeting Bitcoiners and pre-coiners while spending Sats. He concludes, "every step you take now will shape your future."

Cambodia

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