Bitcoin Not Recognised by National Bank of Cambodia

National Bank of Cambodia (NBC) has reconfirmed its stand not to recognise digital currency bitcoin being introduced by some businesses in Cambodia.

The national bank's Director General of Central Banking H.E. Ms. Chea Serey made the official announcement when attending a recent forum that looks into the role of technology in promoting inclusive financing organised here in Phnom Penh.

The director general considers it as a risky means of transaction and encouraged Cambodians not to use it, giving the current situation of Cambodia.

It is possible that, she explained, after the bitcoin promoting companies have sold off the cryptocurrency, they do not buy them back; and this will drive down the price of the currency.

NBC has already noticed commercial banks operating in Cambodia on its stand mentioned.

Director General of the Securities and Exchange Commission of Cambodia H.E. Sou Socheat also expressed his support for NBC's decision.

Source: Agency Kampuchea Press