🇰🇭 Cambodia 👎 Bans Binance, Coinbase and 14 More Cryptocurrency Exchanges 💻

🇰🇭 Cambodia 👎 Bans Binance, Coinbase and 14 More Cryptocurrency Exchanges 💻
Cambodia has intensified its stance against cryptocurrencies by blocking direct access to 16 exchange websites, including major platforms like Binance and Coinbase. This move is part of the country's efforts to promote its sovereign digital currency, Bakong, and combat cyber scams.

➡️ What happened❓ —
The Securities and Exchange Regulator of Cambodia (SERC) ordered the blocking of 16 cryptocurrency exchanges, a measure implemented by the local regulatory authority. Cryptocurrency payments have been banned in the country since 2018. Currently, these exchange websites can only be accessed using a VPN.

➡️Why now❓

🟡 International pressure: Cyber scams linked to the country have caused global concerns.

🟡 Promoting Bakong: The country seeks to modernize its financial system with a blockchain-based payment platform.

🟡 Regulatory control: The ban strengthens financial sovereignty and reduces digital crime risks.

➡️ What do we know about Bakong❓

🟡 Developed by the National Bank of Cambodia, Bakong is a hybrid CBDC that enables instant transactions in Cambodian riel and US dollars.

🟡 By 2023, it reached 10 million accounts, serving approximately 60% of Cambodia's population.

💡 By restricting international exchanges, Cambodia is advancing financial inclusion through Bakong, showcasing the many facets of its digital transformation.

#Blockchain #Cryptocurrencies #Cambodia

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