Following our series of articles of how to buy bitcoin in Asia where we previously covered Singapore, Malaysia, Thailand, Vietnam, The Philippines and South Korea, we will now take a look at Cambodia, one of the least developed countries in South East Asia.
Cambodia has a population of about 15 million people and GDP per capital of USD1100. Although population is only 15 million people, Cambodia already has over 20 million mobile SIM cards in circulation, implying that many people owned multiple SIM cards. Cambodia's Ministry of Posts and Telecommunications also reported that there are now over 3.8 million Internet users in the country suggesting an Internet penetration rate of about 25%.
Although Internet penetration rate is still low when compared to other countries, the rise of ubiquitous 3G facilities will increase the Internet penetration rate over time. Coupled with a low banking penetration rate of only about 5%, Bitcoin will stand a good chance of playing a bigger role in banking the large unbankable population through digital wallets.
There is currently only one Bitcoin exchange in the country, which is Bitcoin Cambodia.
Bitcoin Cambodia is the first bitcoin exchange service in the country. The company comes with a mission of providing people with an easy solution of buying or selling Bitcoins for cash in Cambodia.
Local businessman and Bitcoin enthusiast, Ki Chong Tran submitted a grant proposal to the Bitcoin Foundation in March 2014 asking for $100,000 worth of Bitcoin to kick off a local market in Phnom Penh, including two bitcoin ATMs.
Tran believes that with over 50% of Cambodia’s population under the age of 25 and increasingly web savvy, the country is an ideal venue for the currency to gain acceptance. He also has a vision of seeing Bitcoin positively affecting the developing nation.
Image Source: Mike Behnken
We hope that mobile banking solutions will improve in Cambodia in the coming years and Bitcoin can play a major role in bringing banking services to the population at large.
Tam Xueh Wei
Xueh Wei is a freelance writer that’s enthusiastic for adventures and the space beyond comfort zones. She's always on the look out for the next thing to eat, do, and love. Follow the author on Twitter @punkbelina
