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Nat’l Bank contradicts K-coin claim

Ven Rathavong / Khmer Times No Comments Share:
The headquarters of the National Bank of Cambodia in Phnom Penh. KT/ Fabien Mouret

The National Bank of Cambodia (NBC) declines cooperating with Japan-based Chaintope Inc. to launch K-coin in the Kingdom. It has yet to allow the purchase, sale or circulation of any form of cryptocurrency.

Friday’s NBC Facebook post declared that Chaintoe’s claim of working with the National Bank and Digital Agriculture Exchange Co., Ltd to develop a new cryptocurrency to be absolutely untrue.

Last week Chaintope issued a press release announcing the development of K-coin, saying,
“This is the world’s first development of a cryptocurrency that is predicted for use in cross border trade, together with a central bank […] K-coin is being developed with the goal of being circulated as a settlement currency used in the import, export and process of farm produce in Cambodia.”

The NBC took a defiant stance and posted, “We condemn to the highest extend any person who used NBC’s name to disseminate such false information and we are taking legal actions against this.”

Early this month, the NBC wrote to all banks and micro-finance institutes prohibiting usage of any form of cryptocurrency without its approval. This is because of the potential for money-laundering, by terrorist or other unsavory organizations, inherent to virtual currencies.

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