Greetings everyone, and welcome to the 7th edition of the CryptoAsia newsletter. This time, we discuss the various challenges faced by Bitcoin business and crypto-enthusiasts in our beloved kingdom.
Please join us at the next Bitcoin Meetup, 3 May, 2019. You can follow our Facebook page for updates and join the Cambodia Bitcoin group. If you would like to organize a Meetup, become a speaker, or promote your startup project then e-mail us. Get updates by subscribing to our newsletter here!
Bitcoin Business in Cambodia
Cambodia Against Bitcoin?
The Cambodian government has issued warnings against the use of Bitcoin in Cambodia. It’s easy to understand why. Only a few legitimate Bitcoin businesses have taken root in the country.
The central bank wants to guard citizens against the many cryptocurrency scams that have arisen in recent years. As a protective measure, they have blocked Cambodian banks from holding accounts for those who engage in crypto-related activities.
At CryptoAsia, we believe the government will eventually soften its stance on Bitcoin business. But first, the private sector must demonstrate the value of digital currencies to improving Cambodian livelihoods. The central bank is expected to deploy its own blockchain technology payment system later this year. Let’s hope more local businesses and start-ups become inspired to pursue blockchain technology.
Bitcoin Against Cambodia?
While Bitcoin itself isn’t at fault, many Bitcoin companies refuse to open accounts for Cambodian citizens. In some cases, you can’t even access your foreign-registered account if your IP address comes from Cambodia. And there are even reports that exchange accounts are being closed when customers use a Cambodian IP too frequently.
In the case of companies like Bitpay, Cambodian IPs are completely blocked!
What Can Be Done?
Sadly, the international central banking system has placed Cambodia on its money laundering grey list. Dealing with AML/KYC compliance is a huge burden for Bitcoin business. Therefore, many companies avoid the country completely.
Here are our suggestions to the Cambodia-based crypto-enthusiast for dealing with the situation:
- Be brave. There is a distinct lack of courage among the Bitcoin community in Cambodia. Leaders and innovators in this space need to stop hiding, and need to start….. leading and innovating!
- Invest in Cambodia. The time for reckless speculative bets on random cryptocurrencies and ponzi schemes was 2017. The time to invest in real businesses is now. CryptoAsia can help you discover real blockchain projects in Cambodia. And if you are a project seeking funding, please get in touch with us.
- Use a VPN. If exchange services are hostile to Cambodian IPs then it is time to invest in a VPN service. We recommend Proton VPN.
- Use P2P services. localbitcoins is an excellent platform for peer-to-peer buying & selling of bitcoin. You can find a list of other P2P options for Cambodia here.
- Use Cambodia-friendly exchanges. You can easily swap your coins using Changelly They require only an email address to register. If you want a more professional trading option, Binance is the leader these days.
- Join the community. We are waiting for you.
Coin Cafe & Bar – Next MeetUp
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Thanks for reading and see you soon!