GETTY Cambodia to announce their own national cryptocurrency, Entapay

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Inspired by Venezuela's petro cryptocurrency, Cambodia said Entapay has "great potential to even replace VISA as the new mainstream payment mode.” A press release issued ahead of the announcement announcing described the cryptocurrency as “expected to become the connection between integration payment of encrypted currency and the real world." Cambodia has also recognised the ability of the petro to circumvent possible sanctions placed on the country as Prime Minister Hun Sen comes under threat of international sanctions over government crackdowns on political opposition, media and rights activists. The release also states: “On February 2 local time, the Venezuelan government began the pre-sales of a kind of digital currency called petro.

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"It aims to assist 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.” Venezuela's President Nicolas Maduro announced the idea of the petro back in December of last year. Caracas has explained how each unit of the petro is pegged to the price of one barrel of Venezuelan oil. The country’s cryptocurrency regulator has said it hopes the petro will attract investment from Qatar, Turkey, Middle Eastern countries as well as European countries and the US. The petro came at time when Venezuela’s economy is facing hyperinflation and the collapse of its currency, the bolivar.