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Cambodia: A Country Bursting with Cryptocurrency Enthusiasts

Cambodia: A Country Bursting with Cryptocurrency Enthusiasts

Reading Time: 3 minutes by on January 25, 2018 Altcoins, Bitcoin, Commentary, News, Regulation
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In Mean, a Cambodian software developer who caught the bitcoin bug quite early mined “a lot of bitcoin” when the price of bitcoin was even lower than current trends. If only he had backed up his bitcoin, he wouldn’t have lost it all by now.

KHCoin and a Growing Ecosystem

Cambodian interest in cryptocurrencies has grown over time, and now, Mean is nurturing and promoting local crypto focused on assisting the virtual currency newbie to stay afloat in the volatile cryptocurrency market. Mainly, he hopes individuals don’t make the same mistake he made with bitcoin or worse still, become victims of digital scams.

The enthusiast’s newest cryptocurrency KHCoin trades at just.000000999 BTC on a small exchange CoinsMarkets among a handful of other virtual currencies. When quizzed about the price of his KHCoin, Mean says it’s not meant to be a high-value currency yet and that he’s much more interested in its circulation.

“Everyday, 10 or 20 people message me saying, I want to buy your coin, how much are you selling? And I say I’m not selling, go and get it for free!'” Interested investors can get the KHCoin digital wallet on Google Playstore.

According to Forbes, the developer has been researching, compiling and forking  codes and Blockchain technology, since 2014. The developer has ties with chief executives of a few Cambodian startups, helped as a backend developer for Popular Coin and has released his cryptocurrency known as Prosper Coin, initially promoted as a virtual payment for online casinos.

In 2017, Mean decided to go deeper into learning Blockchain technology and virtual currencies. He’s now working with other Cambodian developers and hopes they can make their mark in the distributed ledger ecosystem.

Gaining Momentum

The Cambodian crypto space is becoming more vibrant, with hundreds of new users trying to join the ever-expanding digital currency market. Some Cambodian enthusiasts have put their social media handles to better use by creating Facebook groups and Telegram channels offering cryptocurrency news in both Khmer and English.

According to Steve Miller, a Cambodian resident for the past eight years, who has been mining bitcoin and learning all he can about cryptocurrencies throughout his eight years stay in Phnom Penh, noted that the region’s Crypto space only started picking up speed in 2017.

“I’ve been trying to build a community here forever, but it’s been almost impossible because of the diversity of people that comes through here.”

The expatriate has contributed his bit to the Cambodian digital currency space by having two businesses: Cryptoasia, a bitcoin payment gateway, as well as Coin Café, a restaurant that accepts bitcoin and other cryptocurrencies.

Nowadays, more and more companies are beginning to accept bitcoin, ether and other altcoins although the transaction volume is yet to reach significant amounts.

Cryptocurrencies Versus the NBC

One of Millers’ reasons for investing in cryptocurrencies is because of its elimination of third parties. However for some, they’re only interested in knowing how to make quick money from digital assets in the country, Miller explained.

Although the National Bank of Cambodia is working on deploying Blockchain technology to help in monitoring interbank lending and transactions, the Apex bank, is still of the opinion that the financial technology is “a new form of fraud.”

Miller said he understands the bank’s concerns and hopes bad actors in the country’s digital space will not go unpunished.

“A lot of people are losing their money [to cryptocurrency scams] now, but that’s the best way to learn you need to do your due diligence. The alternative is a lot of people go running to the government, and that’s not what we want, we want people to be accountable for their actions.”

Mean firmly believes that cryptocurrencies have come to stay and not even government bodies can kill it. He declared that:

“There is a trend right now, and when you talk about cryptocurrency, you talk about the dream that happened when the internet started. You cannot stop this. It’s a dream that people want, that money is truly money and not something that the government makes us believe anymore.”

Mean is currently working with his family’s online shopping site and some other businesses, to set up an e-payment gateway. Depending on the outcome of the government’s final decision on Blockchain-based virtual currencies, he could soon create crypto payment gateways for several Cambodian e-commerce sites

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