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Bakong, Cambodia’s digital currency , has surpassed 10 million opened accounts, accounting for 60% of the nation’s population. In a recent interview with Nikkei Asia on Dec. 19, Cambodia‘s central bank governor, Chea Serey, revealed that the country’s nascent digital currency, known as Bakong, co-developed with a Japanese startup, has been distributed between approximately 10 million accounts. The figure is a significant milestone as around 60% of the nation’s population now potentially utilizing Bakong for transactions, the report indicates. Serey also shared plans for expanding Bakong’s reach internationally, particularly through a collaboration with UnionPay International, China‘s card payment service, and other global partners. “We have already launched cross-border payment connectivity with Thailand, Laos, and Vietnam.” Chea Serey You might also like: Cambodia: Project Bakong CBDC goes live Moreover, the Nation...

According to an Oct. 10 press release by the Nanchang People’s Court, the plaintiff was required to prove that Tether is a legal ly issued fiat currency to bring a necessary cause of action for judicial relief. The decision from the court becomes the second in China to decide that crypto lending is an activity outside the protection of the country’s legal system. Filing a lawsuit The press release states that Xiao Ming, an alias, alleged that in April 2021, Xiaogang, another alias, borrowed money from Ming, citing intentions to speculate in USDT coins. Xiaogang committed to repaying the loan to Ming within six months. Xiao Ming then converted over 550,000 yuan into more than 80,000 USDT coins, providing them as a loan to Xiaogang. However, upon the expiration of the agreed-upon timeframe, Xiaogang failed to fulfill the repayment terms, prompting Ming to initiate a legal action by filing a lawsuit in court . You might also like: China to establish regulatory standards for ...