Cambodia's Central Bank Refuses to Recognize Bitcoin as a Currency
Cambodia's central bank - aptly named the National Bank of Cambodia - is refusing to recognize the ever-popular bitcoin as a currency, according to the Phnom Penh Post. The central bank's stance was reportedly confirmed on Wednesday by director-general Chea Serey: "NBC will not recognise a currency that is not issued or backed by a government. Bitcoin's issuer is not a central bank of any jurisdiction," he said. The lack of regulations surrounding the digital currency means that consumers are not protected in instances of fraud and theft, "which has proven to be a daily occurrence in the....
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The Phnom Penh Post is reporting that the Cambodian government, or at least the central bank there, will not recognize Bitcoin as a currency. “[The National Bank of Cambodia] will not recognize a currency that is not issued or backed by a government,” director-general Chea Serey said in a statement on Wednesday. “Bitcoin’s issuer is not a central bank of any jurisdiction.” Serey also asserted that the consequent lack of regulation exposes customers to theft and fraud, “which has proven to be a daily occurrence in the virtual world.” The CoinTelegraph would like to see Serey’s proof, not to....
Cambodia sees Bakong as a critical step in modernizing its payment system and de-dollarizing its economy.
But don’t call it a CBDC, says central bank reps. Amid a global race toward central bank digital currencies, or CBDCs, Cambodia officially launched a blockchain-based platform for digital money transactions called Bakong. "Bakong, a payment and money transfer service through banks or microfinance institutions, was established under the initiative of the National Bank of Cambodia," said an article from Dap-News on Oct. 28. The Asian country's central bank collaborated with a number of entities on the project.Bakong first secured involvement from Cambodian financial giant PRASAC in October....
When it comes to getting at very least some recognition, one would think banks of all entities would be the last to join the group. The Bank of Korea, however, might be surprising us. Reports indicate that the South Korean central bank and issuer of the country's won currency may soon recognize bitcoin as a currency as opposed to a hobby, according to BusinessKorea. Despite the progress, the bank is still of the mindset that the digital currency won't do terribly well long-term: "The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open the virtual....
Colombia's Central Bank, the Banco Central de Colombia, has reportedly released a statement relating to bitcoin. In that statement, the Central Bank declares that bitcoin is not a currency, nor is it legal tender in the South American country, according to El Espectador. The Bank's statement fortified that the single monetary unit of Colombia is the peso and that bitcoin isn't considered a currency because it is, by nature, not backed by a central banking authority. Last week, the country's Financial Supervisory Authority released a statement that listed risks associated with the digital....