Following in the footsteps of the launch of Venezuela’s government-sponsored and oil-backed cryptocurrency last month, Cambodia has announced that it is the latest country that is considering launching its own national cryptocurrency called Entapay.
Cambodia’s Entapay announcement was made on March 2 in a press release for the Association of Southeast Asian Nations (ASEAN) Blockchain Summit, which will take place in Phnom Penh on March 7. According to the press release, Cambodian authorities are set to propose the Entapay project at the summit and potentially launching the cryptocurrency in Cambodia before promoting it “all over the world.”
According to the press release, Entapay derives from “quantum entanglement,” places a priority on “security and encryption,” and aims to provide “safer, faster, and more convenient service.” Authorities expect Entapay to “become the connection between integration payment of encrypted currency and the real world” and speculate that Entapay may “even replace VISA as the new mainstream payment mode.”
The press release references Venezuela’s Petro project, calling it a way to “assist the country in avoiding the Western world’s sanctions” as well as “providing a new channel of economic development.” Venezuelan President Nicolas Maduro presided over the pre-sale of the Petro, which launched on February 20. A week after the launch, Maduro claimed that the pre-sale raised over $3 billion in new funds from over 170,000 certified purchases.
Venezuela’s experiment in launching a national and resource-backed cryptocurrency has inspired other countries besides Cambodia. The Marshall Islands announced that they will launch a national cryptocurrency of their own called the Sovereign (SOV) by the end of 2018. Iran and Russia have also announced that they are exploring national cryptocurrencies.