Phnom Penh: Bitcoin might still be illegal in Cambodia, but El Salvador has become the first country in the world to adopt Bitcoin as legal tender. President Nayib Bukele is touting the cryptocurrency's potential as a remittance currency for Salvadorans working overseas.
The announcement has provoked excitement in the cryptocurrency world, which is seeing more and more adopters every day, but the decision does not come without issues, with the World Bank saying it cannot assist with El Salvador's Bitcoin implementation.
Cambodians are not immune to the attraction of cryptocurrencies. They may be illegal in the country, but there are crypto exchanges and traders operating on the black market. Cambodia’s financial authorities have not said if they are even considering declaring cryptocurrencies as legal tender, but have said that those trading illegally will need to apply for a license.
Facebook is a popular place for trading platforms in Cambodia, with some groups having more than 2,000 members.
