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Cambodia Looking to Capitalize on Blockchain Solutions at ASEAN Summit

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Cambodia Looking to Capitalize on Blockchain Solutions at ASEAN Summit

The Southeast Asian nation, which is quite crypto-friendly, is seriously considering creating its digital money. If all preparations go according to plan, the Association of Southeast Asian Nations member (ASEAN) will enter the history books as the second nation in the world to own a national cryptocurrency, after Venezuela.

Championing the Blockchain Revolution

The cryptocurrency fever is real, and it’s giving power back to the people. Very few stories demonstrate the power of blockchain better than the story of Venezuela, a country rich in petroleum and solid minerals yet its people live in abject poverty partly due to mismanagement and majorly due to U.S sanctions.

After so many years of being helpless and waiting for help to come from above without success, the South American nation has taken its destiny in its hands by creating its national cryptocurrency, the Petro.

While initially positioned as an aid for those looking for alternatives to the national currency, the Venezuelan digital currency has been deeply wrapped up in controversy following its alleged $735 million ICO campaign.

Whether Cambodia will follow these exact steps, remains to be seen. In any case, the emergence of nation-states taking on their brand of national digital currencies can be considered a positive step for the technology on the whole.

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The ASEAN Blockchain Summit and Project Unveiling

The 2018 ASEAN Blockchain Summit, will be held in Phnom Penh, which is the nation’s megacity. Phnom Penh is Cambodia’s political, trade, cultural and religious hub. The summit will see to the launching of the ASEAN peninsula’s first institute for blockchain technology.

This year’s summit is themed “District Moving the World Link the Future,” and the crème de la crème of the blockchain industry are all invited. The conglomerate includes local captains of industry, renowned scholars, international technical institutions, and economists all working in the sector.

Men Sam An, a member of the Central Committee of People’s Party, Deputy Prime Minister, and the Minister of Parliament Contact and Supervision of the Kingdom of Cambodia will also be in attendance.

An has said that she hopes the new blockchain project would further boost the nation’s economy, as well as contribute immensely to the development of the smart economy, by marrying the most cutting-edge fintech solutions in the world with the practical conditions of Cambodia.

This year’s conference is aimed at developing a global platform that enhances cooperation and communication on the use of blockchain technology in solving real-world problems.

Further, leaders will work together to promote the distributed ledger technology and fintech industry in both Southeast Asia and the entire world.

This latest development will no doubt enhance the reputation of Cambodia and give it more bragging rights in the global Fintech ecosystem as well as in international politics and economic matters.

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