Following last month’s launch of the Venezuelan government-backed Petro coin, Cambodia is considering launching its own crypto project named Entapay, a press release for the Association of Southeast Asian Nations (ASEAN) Blockchain Summit reported March 2.

The Blockchain Summit, which will be held in Phnom Penh on March 7, describes Entapay as a project based on the “quantum entanglement” of security and encryption, writing that it will use Blockchain technologies to create a fast and secure user experience.

According to the press release, Entapay is “expected to become the connection between integration payment of encrypted currency and the real world”:

“It has the great potential to even replace VISA as the new mainstream payment mode.”

The press release compares the Entapay project directly with Venezuela’s Petro, which they classify as a digital currency that “assist[s] the country in avoiding the Western world's economic sanctions - while providing a new channel of economic development for a country suffering from severe inflation.” A similar currency in Cambodia, the press release notes, could help the country take advantage of the Blockchain revolution.

The ASEAN Blockchain Summit, themed “Tomorrowland Built on the Blockchain”, will help to promote Blockchain-based financial technology in Southeast Asia and abroad, in part by building the first institute for Blockchain technologies in ASEAN, according to the press release.

This Blockchain Summit is not the first time that Cambodia has ventured into Blockchain. Last summer, the National Bank of Cambodia partnered with a Japanese Blockchain identity company to test distributed ledger technology for payment services.

At the end of February 2018, the Marshall Islands also announced that they would release their own cryptocurrency with an Initial Coin Offering (ICO) and free trading.