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US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking Links

[Sep 13 6:30 AM] The U.S. Department of the Treasury has imposed sanctions on Cambodian tycoon Ly Yong Phat and his businesses, linking them to human trafficking and forced labor scams involving cryptocurrency fraud. Victims were manipulated into online scam…

Cambodia’s Bakong Tourists app boosts regional payment options 

[Aug 20 9:02 PM] The Cambodian central bank’s Soramitsu-backed digital payment system is continuing to expand.

Cambodian Firm Receives $150K in Crypto From North Korean Hackers

[Jul 16 5:20 AM] A major payments firm in Cambodia, Huione Pay, received over $150,000 in cryptocurrency from a digital wallet used by the North Korean hacking group Lazarus, according to blockchain data reviewed by Reuters. The crypto was sent to Huione Pay…

Cambodian Payments Firm Received $150K From North Korean Hackers Lazarus Wallet: Reuters

[Jul 15 9:15 AM] The crypto was stolen by Lazarus hackers from three crypto companies in June and July last year.

Wallets Linked to Global Scams on Cambodia's Huione Guarantee Collect $11 Billion: Report

[Jul 10 5:39 AM] Huione Guarantee, a Cambodian online financial platform linked to the nation's ruling family, is a marketplace enabling the global scam economy, particularly pig-butchering scams, to the tune of $11 billion, a report by Wired alleges.

United Nations, ICP launch digital credentials pilot in Cambodia

[Jul 3 12:35 PM] The UNDP’s Universal Trusted Credentials will get its second trial in Cambodia. The plan is to create a 10-country ecosystem.

UN Development Programme Partners With Dfinity Foundation to Boost MSME Inclusion

[Jul 3 9:30 AM] The United Nations Development Programme (UNDP) has announced a partnership with the Dfinity Foundation to enhance its Universal Trusted Credentials (UTC) initiative. The collaboration aims to improve financial inclusion for micro, small and medium…

Report Highlights USDT’s Role in the Underground Economy of Cambodia

[Dec 20, 2023 6:30 AM] A recent report from the South China Morning Post (SCMP) explains the enabling role that Tether’s USDT has on the underground Chinese-linked economy of Cambodia. The stablecoin is allegedly used in different activities like sidestepping…

Cambodian digital currency bakong amps up use case with Alipay agreement

[Nov 20, 2023 3:47 PM] The CBDC-like bakong provides digital payment services in riel and the U.S. dollar. It has been steadily extending its regional scope.

Heatwave and Debt: Laos Suspends Crypto Mining Operations Amid Rising Power Demands

[Aug 26, 2023 1:30 PM] In recent developments, Electricite du Laos (EDL) announced on August 24 that the power company shut down cryptocurrency mining activities. This decision came after this summer’s unprecedented heat surge escalated electricity demands…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

[May 13, 2023 8:00 PM] The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei…

India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar

[Apr 3, 2023 2:30 AM] The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this…