Despite distrust from National Bank, cryptocurrency culture is pushing ahead in Cambodia. Securities and Exchange Commission of Cambodia (SECC) had warned the public to avoid trading and exchange in cryptocurrency.
“[We] would like to appeal to the public to be highly cautious in involving with the trading of any cryptocurrencies that eventually could lead to losses,” the SEC said in a statement last week. But, their report failed to stop growing number of Cambodians who are wishing to invest in the crypto market.
Mean, developer of the newest KHCoin says, 'It trades for a measly 000000999 BTC on coinsmarket.com, and at the moment I am giving KHCoin to any Cambodian who asks about it.'
With hundreds of new users thronging into the market for investing Cambodia is gradually trip to firm its grip on the expanding cryptocurrency market.
Mean started his research and forking code for cryptocurrency and in 2014 when Bitcoin was valued $1000. He released his cryptocurrency, Prosper Coin after having a stint as a backend developer for Popular Coin. Prosper Coin was promoted as a cryptocurrency that could be used in online casinos.
The trend of investment in Cryptomarket has soared in the last year as restaurants, guesthouses etc. have started to accept virtual currencies like Bitcoin, Ethereum etc.,
Steve Miller who has been mining for Bitcoin and learning about cryptocurrency for the past eight years said, "I've been trying to build a community here forever, but it's been difficult to build a market because of the diversity of people who come here." A native of Phnom Penh said that the practice has suddenly started to gain speed among expatriates and locals.
Bitcoin has lost 3.33 percent and is currently trading at a price of $11,775.40. Ethereum and Ripple second and third largest currency have lost 2.36 percent and 3.79 percent and are valued $1,067.23 and $1.39 respectively, at 12:30 pm, IST. The Market Capitalization of cryptocurrencies is $568,000,701,502 with BTC dominance of 34.9 percent.