While financial authorities from Cambodia denied any claims of the country launching its own cryptocurrency which was dubiously marketed by the name of Entapay, it did not stop the deputy prime minister, Men Sam An, from attending what seemed like the launch event of the same cryptocurrency. An event where she encouraged the venture to continue following any technological advancements while ensuring that it followed the government’s guidelines regarding the same.
It is prudent to note that it was nowhere stated by the deputy prime minister that Entapay is a government issued cryptocurrency, as many online news sources have been confusingly reporting.
However, the way that Entapay marketed itself with press release headlines such as “Cambodia May Issue Its Legal Cryptocurrency, Following Venezuela,” it is questionable how the deputy prime minister could support an ambiguous venture of that sort instead of denying it – as that action has only caused more uncertainty with this situation than before.
It gets even more interesting because Cambodia has not been that friendly towards cryptocurrencies in the past, as confirmed by a local cryptocurrency creator.
“I wanted to bring value to my coin, but when I started my payment system, the national bank said, ‘Any crypto transaction is illegal’,” In Mean, lead developer of the Khmer Crypto Foundation and creator of KHCoin, told the Phnom Penh Post after seeing Sam An encouraging Entapay.
Needless to say, the situation has gotten even more puzzling with the recent events, and it remains to be seen whether a government official would be responsible enough to clarify the government’s connection with Entapay for the country’s citizens as well as the international community.