The Future Coin

Bitcoin

$35,705.54

BTC -1.91%

Ethereum

$1,221.60

ETH -2.54%

XRP

$0.28

XRP -2.99%

Litecoin

$142.05

LTC -2.59%

EOS

$2.75

EOS -2.20%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Blockchain News

Cambodia to replace U.S. currency with blockchain platform

by The Future Coin
June 14, 2020
in Blockchain News
0
Cambodia to replace U.S. currency with blockchain platform
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Cambodia is one of the most dollar-reliant economies in the world and its pending introduction of a blockchain payment platform has caused a small panic.

Blockchain is a digital system allowing instant payments for transactions of any size, and with it the National Bank of Cambodia says that it plans to phase out the use of the U.S. $1, $2 and $5 Federal Reserve notes by Aug. 31. This confused the local community and triggered rumors that the use of the three bills would then be banned. The controversy started when Chea Serey, director of the National Bank of Cambodia said in the Khmer Times on May 28 that the blockchain would make the local economy less reliant on the U.S. dollar.

Within days, Prime Minister Hun Sen clarified to the paper that the U.S. currency was not banned and still widely used, adding a caveat, “In the event of a halt to the circulation of the said US bills, an official announcement from the National Bank of Cambodia will be released to the public.”

He added, “All Citizens, please continue spending freely the said banknotes in the Kingdom without any loss in exchange rates or additional charges.”

The remarks did not stop the panic. The Khmer Times observed that merchants in Phnom Penh’s Kandal Market did not want to accept $1 bills lest they be “rendered useless in the coming months.” One told the Times he would not accept them for fear of being stuck with them in the future. Some gas stations and tuktuk drivers were also refusing them.

The desire to phase out the low value U.S. currency is understandable. Even though they are officially recognized as tender, they are difficult and costly to manage and transport.

The Cambodian bank is establishing a three month period from June 1 to Aug. 31 for banks and microfinance institutions to collect $1, $2 and $5 bills so it can send them to a foreign country. There will be no service charge during this period. After Aug. 31, the cost of exporting the notes will be for the institutions. There will be no charge for accepting $10 notes and the bank will negotiate with banks and microfinance institutions the exact date to stop accepting the small U.S. bank notes.

Connect with Coin World:  
Sign up for our free eNewsletter
Access our Dealer Directory  
Like us on Facebook  
Follow us on Twitter



Source link

EDITOR’S CHOICE

Blockchain in Agriculture Market 2020 | Know the Latest COVID19 Impact Analysis And Strategies of Key Players: AgriDigital, Microsoft, Provenance, Ripe.io, Ambrosus, etc.

Goldman Sachs plans to invest in crypto assets – report

India Seizes Bitcoins Worth $1.2 Million From Hacker of Government Website and Crypto Exchanges

Another DeFi Rally Is Looming – Why? – Blockchain Technology

Why China is investing heavily in blockchain – South China Morning Post

Iredell County new business names: Jan.3-9 | Local News

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 35,928.00
ethereum
Ethereum (ETH) $ 1,234.90
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 16.96
ripple
XRP (XRP) $ 0.277564
cardano
Cardano (ADA) $ 0.377109
litecoin
Litecoin (LTC) $ 143.00
chainlink
Chainlink (LINK) $ 22.55
bitcoin-cash
Bitcoin Cash (BCH) $ 481.87
binancecoin
Binance Coin (BNB) $ 45.61
stellar
Stellar (XLM) $ 0.301837
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 35,875.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 199.73
monero
Monero (XMR) $ 156.58
eos
EOS (EOS) $ 2.76
aave
Aave (AAVE) $ 196.08
tezos
Tezos (XTZ) $ 2.96
havven
Synthetix Network Token (SNX) $ 15.81
tron
TRON (TRX) $ 0.030352
cosmos
Cosmos (ATOM) $ 8.62
theta-token
Theta Network (THETA) $ 2.05
nem
NEM (XEM) $ 0.222274
uniswap
Uniswap (UNI) $ 8.81
celsius-degree-token
Celsius Network (CEL) $ 4.83
crypto-com-chain
Crypto.com Coin (CRO) $ 0.079609
vechain
VeChain (VET) $ 0.027092
okb
OKB (OKB) $ 6.30
neo
NEO (NEO) $ 23.36
compound-ether
cETH (CETH) $ 24.73
compound-usd-coin
cUSDC (CUSDC) $ 0.021450
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 1.40
maker
Maker (MKR) $ 1,463.15
dash
Dash (DASH) $ 123.64
iota
IOTA (MIOTA) $ 0.435367
dogecoin
Dogecoin (DOGE) $ 0.009162
binance-usd
Binance USD (BUSD) $ 0.999195
filecoin
Filecoin (FIL) $ 24.51
zcash
Zcash (ZEC) $ 101.97
yearn-finance
yearn.finance (YFI) $ 35,696.00
huobi-token
Huobi Token (HT) $ 5.30
solana
Solana (SOL) $ 3.91
avalanche-2
Avalanche (AVAX) $ 12.60
kusama
Kusama (KSM) $ 104.70
sushi
Sushi (SUSHI) $ 7.10
compound-governance-token
Compound (COMP) $ 216.61
ethereum-classic
Ethereum Classic (ETC) $ 7.66
ftx-token
FTX Token (FTT) $ 9.65
zilliqa
Zilliqa (ZIL) $ 0.074322