The Cambodian government, while pursuing its own cryptocurrency Entapay, has paradoxically banned financial institutions from engaging in cryptocurrency transactions, creating a state of confusion for the country’s cryptocurrency entrepreneurs.
Men Sam An, Cambodia’s Deputy Prime Minister, recently announced the launch of Entapay, a cryptocurrency, and encouraged the company to abide by the company’s laws, according to the The Pnom Penh Post.
Big Plans For Government CryptocurrencyEntapay is a government supported, multi-functional digital currency payment system consisting of storage management, trading, exchange and offline transactions, according to its website. It can be viewed as a decentralized Alipay application based on blockchain technology.
Entapay derives its name from the Quantum Mechanical Phenomenon of Quantum Entanglement, according to the website, which features secure encryption and transmission of information. As a multi-functional payment system, Entapay removes the inconvenience of managing multi-digital currencies, the laborious process of trading, and insufficient physical trading sites.
Entapay will provide off-line exchange services for other cryptocurrencies.
The website further claims Entapay will replace VISA as the mainstream payment method.
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https://www.ccn.com/cambodia-blocks-crypto-transactions-while-launching-its-own-cryptocurrency/
