Bitcoin enthusiast seeks virtual currency usage in Cambodia

A Cambodian Bitcoin enthusiast has proposed introducing the crypto-currency in the local market as an alternative means of payment.

A Cambodian Bitcoin enthusiast has proposed introducing the crypto-currency in the local market as an alternative means of payment.

Cambodian entrepreneur Ki Chong Tran delivered a proposal to Bitcoin Foundation in New York in which he underlined that Bitcoin could play a significant role in exposing Cambodia’s corruption issue.

Acceptance of the crypto-currency as a payment method would require businesses to attribute their Bitcoin account to the business name or a connecting bank account, making all business-related transactions almost entirely traceable, Tran claimed.

Cambodia is the 15th most corrupt nation in the world, according to Transparency International’s 2013 Corruption Perceptions Index, with 58% of Cambodian businesses having never refused paying a bribe, according to a survey by the Cambodian Federation of Employers and Business Associations.

Tran’s proposal, the first documented effort to introduce Bitcoin to the local market, hopes to land one of the foundation’s annual grants, which rewards applicants with funding in the form of Bitcoin.

The requested funding amounts to $100,000, of which $5,000 would be used to set up an informative website; $15,000 directed to the purchase, shopping and maintenance of two Lamansu brand Bitcoin ATMs and $60,000 going toward the wages of two staff hired to maintain the infrastructure.

"Bitcoin’s public ledger, which is visible to everyone and allows you to trace a coin from its creation, through all its transfers of ownership, to its final destination, almost makes it impossible for businesses to take bribes or engage in corrupt activities," Tran stated.

 

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