The National Bank of Cambodia has approved the use of backed stablecoins and banned the use of unbacked cryptocurrencies such as Bitcoin. Starting from December 26, commercial banks and payment institutions may provide services with cryptocurrencies of category 1 after receiving prior approval. Exchange, transfers, and storage of assets are allowed, but the use of customers' cryptocurrencies for their own purposes is prohibited. Cambodia had previously banned cryptocurrency transactions due to risks associated with money laundering and fraud.
12/27/2024 2:56:50 PM (GMT+1)
The National Bank of Cambodia has approved services with backed stablecoins and banned the use of unbacked cryptocurrencies, such as Bitcoin, for commercial banks and payment institutions 🚫
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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