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Cambodia To Launch National Crypto Project At ASEAN Blockchain Summit

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Southeast Asian nation Cambodia is set to launch its national cryptocurrency project titled "Entapay" at the ASEAN Blockchain Summit in Phnom Penh, Cambodia on March 7, according to a press release by ASEAN Blockchain.

"Entapay will be expected to become the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace VISA as the new mainstream payment mode," the statement said.

"Entapay derives from "quantum entanglement," meaning that security and encryption are the priorities, and commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of blockchain."

The move comes close on the heels of Iran and Turkey also announcing similar plans, as well as Venezuela launching its oil-backed cryptocurrency named "Petro" in mid-February.

It also comes at a time when the U.S. and the European Union have called for imposing financial and economic sanctions on Cambodia after months of democratic setbacks.

The Marshall Islands also said it would release their own cryptocurrency as a legal tender with an Initial Coin Offering (ICO) and free trading.

Unlike Turkey, Cambodia, Iran and Venezuela are targets of financial and economic sanctions. The launch of the cryptocurrency by these countries is seen as a plan to ease the country's economic crisis, and circumvent sanctions.

However, Cambodia is not expected to be hit too much thanks to a booming economy as of late, seizing the opportunity for participation in the global economy, and scientific and technical revolutions to become "a country root from the blockchain."

Entapay will be first launched in Cambodia and then promoted all over the world.

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