Virtual currency usage urged in Cambodia by Bitcoin enthusiasts

Tuesday 18 March 2014 08:27 CET | News

The Cambodian Bitcoin enthusiasts have made the first official step in an attempt to introduce the cryto-currency in the local market as an alternative means of payment.

In March 2014, Cambodian entrepreneur Ki Chong Tran delivered a proposal to Bitcoin Foundation in New York in which he underlined that Bitcoin could play a significant role in exposing Cambodia’s corruption issue because the acceptance of the crypto-currency as payment method would require businesses to attribute their Bitcoin account to the business name or to a connecting bank account, making all business-related transactions almost entirely traceable.

Tran’s point is that, through this requirement, Cambodia, the 15th most corrupt nation in the world, would make a necessary step in eliminating the country’s corruption. The Cambodian Federation of Employers and Business Associations has reported that 58% of Cambodian businesses interviewed in a survey never refused paying a bribe.

The proposal, the first documented effort to introduce Bitcoin to the local market, hopes to land one of the foundation’s annual grants, which rewards applicants with funding in the form of bitcoin. He’s asking for USD 100,000 worth and he clarifies that out of the total amount, USD 5,000 would be headed to setting up an informative website, USD 15,000 will be directed to the purchase, shipping and maintenance of two Lamansu brand Bitcoin ATMs and USD 60,000 would go toward the wages of two staff hired to maintain the infrastructure.
The proposal from Cambodia hasn’t generated any attention just yet.

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Keywords: Cambodia, Bitcoin, crypto-currency, ecommerce, corruption
Categories: Payments & Commerce
Countries: World
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