Category Archives: cambodia

Auto Added by WPeMatico

Thai Movie Theater Chain to Take Digital Currency as Government Opens for Crypto Business

Thailand’s largest movie theater chain has given the green light to its clients for paying for their moviegoing with cryptocurrency according to Bitcoin.com.

Major Cineplex has reported that it plans to integrate cryptocurrency into its current payments system in partnership with Swiss payment company Rapidzpay.

There are currently 143 theaters in the Thai chain throughout the country, the largest being the Paragon Cineplex in capital Bangkok. The company also screens in Cambodia and Laos with plans to increase its total screens in the South East Asia region from 678 to 1,000, according to Forbes.

The massive ParagoCineplex, with 16 screens and 5000 seats, is in the center of a major upmarket shopping hub surrounded by restaurants, an art gallery, a concert hall and numerous retailers. Merchants will be able to use the Rapidz point of sale system which will accept both cryptocurrency and fiat payments. The currencies available for payment have not been announced although the current Rapidzpay app accepts BTC, BCH, and LTC.

The signing of the deal at the Paragon Cineplex was clearly not by chance due to its location within a major retail and service hub. Chanya Tamrongweenichai, the director of marketing at the group commented that:

“Rapidzpay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless… You’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.”

The Swiss payment firm has said that it has targeted a million Thai users in its first year in the country hoping that both established crypto users and newcomers to cryptocurrency will realize how convenient this method of payment is.

The Thai Securities and Exchange Commission (SEC) is currently proactive in allowing to cryptocurrencies to be used as a form of payment for goods and services in the country. Currently, the following seven cryptocurrencies are earmarked for official recognition for trading purposes: BTC, ETH, BCH, ETC, LTC, XRP, and XLM.

The SEC’s secretary-general, Rapee Sucharitakul, reflected the nation’s new flexible approach to digital currency when he stated this week:

“…the SEC is (now) open for application approval for operating a digital asset business, as the Finance Ministry’s announcement on digital asset licenses has come into force.”

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Thai Movie Theater Chain to Take Digital Currency as Government Opens for Crypto Business appeared first on BitcoinNews.com.

Cambodia Bans Unlicensed Cryptocurrency

Cambodia’s government issued a statement to the public today on 19 June 2018 that essentially bans cryptocurrency in the Southeast Asian nation. The statement was signed by the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia, and the General-Commissariat of National Police, and says that using cryptocurrency without a license is illegal.

However, there is no information available on the cryptocurrency license, so for the time being, it appears to be illegal for Cambodians to engage in cryptocurrency activity. Anyone who buys, sells, trades, settles, or propagates cryptocurrency in any other way, which would include mining, is breaking the law and will face severe penalties.

The statement says using cryptocurrency without regulation causes risk to the public since cryptocurrencies are not backed by collateral. It says cryptocurrency investments may result in losses due to volatility, is subject to a high rate of hacking and theft, and has no mechanism to protect customers who use them since cryptocurrency payments are irreversible. It also says cryptocurrency users can be anonymous which helps terrorists and criminals launder money.

Clearly, Cambodia’s government has a negative view on cryptocurrency based on this statement, and since there are no details and no timeline given for the cryptocurrency license, this could prove to be an outright ban of cryptocurrency activity in Cambodia.

Cambodia’s neighbors, China and Vietnam, have also taken skeptical views towards cryptocurrency. China banned all cryptocurrency trading and initial coin offerings in September 2017, forcing some of the biggest cryptocurrency exchanges in the world to flee the country. Vietnam has been working towards a total ban of cryptocurrency, first by saying all non-cash payments are illegal and then banning the import of cryptocurrency mining equipment.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post Cambodia Bans Unlicensed Cryptocurrency appeared first on BitcoinNews.com.