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In a latest development, The National Bank of Cambodia has approved compliant stablecoin services but bans unbacked assets like BTC.
The Central Bank of Cambodia now allows commercial banks and payment institutions to provide services involving Category 1 cryptocurrencies, i.e., backed or stable cryptocurrencies. However, unbacked cryptocurrencies, such as Bitcoin, remain prohibited.
The development was formalised in a prakas issued on December 26 and announced by NBC on December 27 as reported by The Phnom Penh post.
The directive aims to regulate operations and businesses involving digital currencies, reflecting the country’s effort to keep pace with global financial innovations.