Another day and another country announce their ambitions for launching their own national Cryptocurrency. This time the news comes from a country situated in the southeast of Asia, Cambodia.
Cambodia revealed that they were inspired towards announcing this development when the news was revealed in February that Venezuela to have been in talks for developing their own cryptocurrency which will reportedly be called “Petro”.
It is reported that the Cambodian cryptocurrency project will be called Entapay, also it is expected to be revealed on Wednesday at a blockchain summit of Southeast Asian nations in its capital, Phnom Penh.
It was also revealed that the Cambodian deputy prime minister, Men Sam An would be attending this summit.
The expectations of Entapay was also further revealed ahead of the summit in the press release as it was described through this quote “the connection between integration payment of encrypted currency and the real world. It has a tremendous potential which can even replace Visa as the new mainstream payment mode.”
Venezuela’s proposed cryptocurrency “Petro” stated that it plans to “assist the country in avoiding the Western world’s economic sanctions.” Cambodia claims to have been inspired by Petro as they have also looked for the similar ambitions for their upcoming national cryptocurrency Entapay.
Plans for Venezuela’s homegrown digital cryptocurrency, supported by the administration’s oil and normal assets, were first declared by President Nicolas Maduro in December, as a way to supplement the nation’s diving bolivar future.