Cambodia is not a country most people would associate with Bitcoin or other cryptocurrencies. It is one of those nations which one hardly ever hears anything from, unless it has to do with civil unrest. Contrary to what people believe, there is a genuine cryptocurrency culture in Cambodia these days. Moreover, most investors and miners are not overly worried about the country’s national bank issuing warnings regarding Bitcoin.
THE FUTURE OF CRYPTOCURRENCY IN CAMBODIA
It seems there are quite a few reasons as to why Bitcoin and other cryptocurrencies are taking off in Cambodia. There has been some localized mining activity since the early days of Bitcoin, even though a lot of coins have been lost in the process as well. People have been having issues with lost wallets or private keys for as long as one can remember, and that situation is no different in Cambodia. At the same time, it seems the cryptocurrency craze is only now taking off in this country.
It is evident Bitcoin has shown the world how financial innovation can work. Although most people still think cryptocurrency is a niche market and only serves as an investment vehicle, there’s a genuine interest in digital currencies in Cambodia right now. More specifically, hundreds of users are trying to become part of the growing cryptocurrency market. Facebook and Telegram groups related to Bitcoin and other currencies are popping up on a regular basis as we speak.
Additionally, there is growing interest in any cryptocurrency-related news that comes out. In Cambodia, such news is communicated in the country’s two main languages, Khmer and English. Local enthusiasts are also approachable when it comes to answering basic questions, offering trading advice, and so forth. All of this has happened despite the Cambodian National Bank issuing warnings about cryptocurrencies for quite some time now.
Mining Bitcoin is still a worthwhile venture in Cambodia right now. That’s because there is access to rather cheap electricity, and internet access is not overly difficult to come by either. Local companies focusing on cryptocurrency are also doing reasonably well, even though the industry is still in the very early stages right now. Guesthouses and restaurants throughout Cambodia are venturing into the Bitcoin world by accepting cryptocurrencies as payment. As one would expect, these establishments still struggle to find customers willing to spend Bitcoin and altcoins for goods and services.
Local investor and entrepreneur Steve Miller explained it this way:
A lot of people are losing their money [to cryptocurrencies] now, but that’s the best way to learn you need to do your due diligence. The alternative is a lot of people go running to the government and that’s not what we want, we want people to be accountable for their actions.
Speaking of the government, whether or not the Cambodian national bank will take aggressive action against cryptocurrencies remains to be seen. So far, that has not been the case, but it wouldn’t be surprising to see some form of regulation in the future. Cryptocurrencies are a growing trend in this country right now, and people there are starting to believe they can turn their lives around thanks to this innovation. Local entrepreneurs are convinced that this trend cannot be stopped. Only time will tell if that is indeed the case.