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Cambodia: December 2023

In December 2023, the Cambodia technology snapshot briefly captured items spanning cryptocurrency-based crime, the recent wide-angle CamTech Summit, a look at 4 of the Kingdom’s tech startups, and the successes claimed by Cambodia’s Bakong digital currency.

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Critical technologies in December 2023

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Like all cryptocurrencies, Tether (or USDT) – a so-called stablecoin because its value is tied to the US dollar – is officially banned for trade in Cambodia.

Yet security experts say it has fast become an integral part of the country’s shadow economy; with a low fee and no restrictions to move, hide and launder money at speed.

Even those running Phnom Penh’s ecosystem of bricks-and-mortar crypto exchanges and online USDT exchanges admit they are running a parallel financial service in the developing economy.

One Cambodia-registered financial platform, Huione Pay, has a branch which looks like any other bank, except the tellers discuss USDT exchange options with customers. But its main activities occur online.

“In a sense, the perfect operating conditions for criminals have been created in border areas and special economic zones of the region,” said Jeremy Douglas, the United Nations Office on Drugs and Crime’s regional representative. He explained that cryptocurrency – particularly USDT traded on the TRON exchange platform – was heavily used by cyber criminals and the region’s governments were not able to keep up.

Cambodia Data Exchange

Cambodia Data Exchange Platform

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