9 April 2014
The National Bank of
Cambodia (NBC) has rejected the legality of BitCoin, a peer to peer payment
system or digital currency in Cambodia. NBC has the honor to inform the public,
all enterprises and institutions that NBC does not recognize BitCoin and other
similar electronic currencies as the legal payment materials in Cambodia.
According to the NBC,
BitCoin has high risk for the users and nation because it doesn’t have clear
Consumer Protection principles. BitCoin users can use fake name to open a
BitCoin account, i.e. in an anonymous manner. This is easy to suffer from
Cyber-Crime, be hacked, be attacked by virus, and also be a mean for money
laundering, terrorism financing, and a black market, underlined the NBC. In
addition, in other countries, the use of BitCoin has not gained any recognition
and been under the jurisdiction of any central banks yet.
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