The state authorities, as a rule, created a replacement for traditional payment systems
The authorities of Cambodia were inspired by the example of Venezuela, which was the first in the world to create a national currency. The press release of the forthcoming ASEAN 2018 Blockchain summit, which will be held on March 7 in Phnom Penh, says that the event is expected to become a “significant” announcement of a new payment facility called Entapay.
According to the organizers, the project after its launch has the ability to “replace” payment giants.
“It is expected that Entapay will become the link between the introduction of payments in the crypt currency and the real world, and it has a great potential to even replace Visa as a new system of mass payments,” they argue.
The launch of oil-supplied Venezuelan crypt currency “Petro” occurred in late February and caused an ambiguous response from the world community. Shortly after the launch, the country’s government said that on the very first day he sold Petro tokens at $ 735 million and introduced them into the real turnover of the state, while many in general doubt that the country managed to get at least some benefit.
Meanwhile, the government of Cambodia directly links its inspiration with the course of Venezuela, intending to “follow its example” when releasing Entapay tokens.
Last week, the small Pacific country of the Marshall Islands announced the release of its own Cryptocurrency. A token named Sovereign will walk the country together with the US dollar and serve to provide social benefits to the population of about 53 thousand people.