'Follow up' Venezuela, Cambodia plans to issue national virtual currency

Cambodia's Entapay promises to replace the Visa card as a new official payment method .

According to the Telegraph, Cambodia is considering developing its own, following the release of Venezuela's Petro currency number in February.

Cambodia's virtual money will be named Entapay and proposed at a blockchain conference of Southeast Asian nations taking place in Phnom Penh on March 7 with the participation of Deputy Prime Minister Men Sam An.

According to the announcement before the meeting, Entapay will act as a "bridge between the digital payment system and the real world. Entapay promises to replace the Visa card as a method. New official payment method: This currency will help Cambodia take advantage of ".

Cambodia's virtual money will be named Entapay.

In the statement, the Entapay was compared to Venezuela's Petro currency.

"The national currency will help the country escape the economic sanctions of Western countries, as well as a new economic development channel for countries sinking in severe inflation," the statement said.

This announcement also mentioned that there will soon be ASEAN's first technology research institute.

This is not the first time Cambodia cares about virtual currency. Last year, the central bank of the country cooperated with a Japanese company to test the payment authorization technology.

Meanwhile, the plan to issue virtual currency Petro of Venezuela was announced by President Nicolas Maduro in December last year in the context of 4-digit inflation. Maduro said Petro virtual currency was backed by oil and would help Venezuela overcome the impact of US sanctions.

The Venezuelan government will sell the auction of the country's newly released digital currency to private companies in a few weeks, via a foreign exchange trading system called Dicom.

Last month, Iran also said it was planning to issue a national currency. Like Venezuela, Iran is on the list of countries subject to US sanctions.

Recently, there have been reports that North Korea is also trying to dig virtual money and use this currency to "circumvent" US economic sanctions.