Cambodia’s Central Bank Refuses to Recognize Bitcoin as a Currency

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By Super User March 21, 2014 08:52 Updated

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Cambodia’s Central Bank Refuses to Recognize Bitcoin as a Currency

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National Bank of CambodiaCambodia’s central bank — aptly named the National Bank of Cambodia — is refusing to recognize the ever-popular bitcoin as a currency, according to the Phnom Penh Post.

The central bank’s stance was reportedly confirmed on Wednesday by director-general Chea Serey:

“NBC will not recognise a currency that is not issued or backed by a government. Bitcoin’s issuer is not a central bank of any jurisdiction,” he said.

The lack of regulations surrounding the digital currency means that consumers are not protected in instances of fraud and theft, “which has proven to be a daily occurrence in the virtual world,” according to Serey.

While The National Bank of Cambodia has the authority to issue legal tender (under the watchful eye of the Ministry of Economy and Finance), this isn’t an outright ban — just a stance.

Whether or not the firm statement from the bank official will have any bearing is yet to be seen.

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A bitcoin enthusiast residing in Massachusetts, Eric got his news-writing start on his own technology blog from 2009-2011. He's also written for PetaPixel - a prominent photography blog. By day, he works in IT and has worked as a wire photographer for Retna. Updated

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