PHNOM PENH, Cambodia, March 2, 2018 /PRNewswire/ -- On February 2 local time, the Venezuelan government began the pre-sales of a kind of digital currency called Petro. It aims to assist the country in avoiding the Western world's economic sanctions - while providing a new channel of economic development for a country suffering from severe inflation.

Following Venezuela's lead, other countries have been trying to issue legal digital tender, including Cambodia. As an ASEAN country located in the Southeast Peninsula, Cambodia has seen a booming economy as of late, seizing the opportunity for participation in the global economy and scientific and technical revolutions to become "a country root from the blockchain."

On March 7, Cambodia will realize its financial potential, holding the 2018 ASEAN BlockChain Summit in its capital city. Phnom Penh, Cambodia's largest city, is also regarded as the country's political, economic, cultural, transportation, trade and religious center. In recent years, the Cambodian government has paid great attention to, and has been exploring new ways for the development of blockchain, exerting itself to have a shift in thinking in utilizing blockchain for economic expansion and societal growth through cooperation with rapidly developing countries.

With "District Moving the World Link the Future" as the topic, this summit is designed for the world's foremost international technical institutions, renowned scholars and economists, and even Men Sam An, the member of the Central Committee of People's Party, Deputy Prime Minister, and the Minister of Parliament Contact and Supervision of the Kingdom of Cambodia.

Men Sam An said she hopes that the new application of cutting-edge blockchain can boost Cambodia's economic growth to further develop the global smart economy by combining the application of the most advanced fin-tech in China and beyond with the practical conditions presented to Cambodia.

This summit is believed to be the establishment of an international platform for cooperation and communication on the application of blockchain technology, to boost innovation of blockchain technology and its application in different scenarios and promote the blockchain fin-tech in both Southeast Asia and internationally.

The first institute for technology and application of blockchain will be built in ASEAN for this summit. It will be part of supporting the application of blockchain technology in Southeast Asia and the governments and boosting its construction and application in the region, for leapfrog development of economy in Cambodia. Through these ends, Cambodia shall have more discourse rights in global financial technology domains and even international politics and economics.

Most notably, this summit will propose a vital project called Entapay, which will be first launched in Cambodia and be promoted all over the world. This project derives from "quantum entanglement", meaning that security and encryption are the priorities, and commits itself to providing the safer, faster and more convenient service for users, enriching the practicabilities of blockchain.

Entapay will be expected to become the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace VISA as the new mainstream payment mode.

View original content with multimedia:http://www.prnewswire.com/news-releases/cambodia-may-issue-its-legal-cryptocurrency-following-venezuela-300607358.html

SOURCE ASEAN-Blockchain