Cambodia's Central Bank Endorses Stablecoin Use, Shuns Traditional Cryptocurrencies
by aria-crypto.com
December 27, 2024 at 13:34
Cambodia's Central Bank Endorses Stablecoin Use, Shuns Traditional Cryptocurrencies
The National Bank of Cambodia has recently issued a directive that permits the operation of stablecoin services while simultaneously banning cryptocurrencies without any backing, such as Bitcoin. This decision allows commercial banks and payment institutions to engage with backed or stable cryptocurrencies, identified as Category 1 cryptocurrencies. The move is part of a broader regulation aimed at overseeing digital currency operations and ensuring adherence to financial innovations globally. The new regulations were formalized in a prakas on December 26 and announced by the bank on December 27, highlighting Cambodia's approach to blend traditional financial stability with modern technological advancements.
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