Cambodia today is crackling with digital‑finance energy. Hun Manet’s government is pushing cash‑less payments and expanding the Bakong central‑bank digital‑currency (CBDC) network—volumes on Bakong hit 330 % of national GDP in 2024 and user numbers rocketed from half a million to 8.5 million in just two years . Yet the premier has offered zero public comment on Bitcoin. That strategic silence, plus the policies now unfolding, create a once‑in‑a‑generation launchpad for Bitcoin in the Kingdom. Here’s why.
1 | The rails are ready
Bakong and KH‑QR have done the hardest part for Bitcoin entrepreneurs: teaching the nation to scan, tap and trust digital wallets. When 60 % of Cambodians are already online and 72 % are active on social media , a Bitcoin‑enabled app can piggy‑back on existing habits instead of starting from scratch. Think of Bakong as the government‑funded “on‑ramp rehearsal” that primes consumers for permissionless money.
2 | Regulation is moving from “No” to “Licensed‑Yes”
- 2018: the National Bank, securities regulator and police declared unlicensed crypto trading illegal .
- 2024: a new Prakas on Cryptoassets formally lets banks and payment firms offer crypto services—subject to approval .
That pivot tells serious builders two things:
Compliance is possible. Clear licensing beats opaque prohibition.
First‑mover advantage is wide open. Few local exchanges exist; global brands have barely looked at Cambodia.
3 | Remittances scream for disruption
Roughly 1.3 million Cambodian migrants send money home, and the average corridor still charges well above the 3 % SDG target . Bitcoin rails (on‑chain or Lightning) can beat those fees by an order of magnitude while settling in minutes—an irresistible value prop for garment workers in Thailand or construction crews in South Korea wiring hard‑earned dollars back to Kampong Cham.
4 | Dollarization = built‑in use‑case for a hard digital asset
Cambodia is one of the world’s most dollarized economies; even Bakong still settles largely in USD or riel‑pegged tokens. Academic studies of Bakong note how hard it is to de‑dollarize under those conditions . Bitcoin offers a neutral, non‑sovereign reserve that individuals and, eventually, the treasury can hold without deepening dependence on either the dollar or the yuan. A recent think‑piece even proposed a “Bitcoin strategic reserve” for Cambodia to hedge inflation and boost geopolitical resilience . Whether or not the state buys BTC, citizens already looking for a store of value can make the move first.
5 | The youth dividend and builder buzz
Cambodia’s median age is under 27, and the first national blockchain summit (2025) overflowed with local start‑ups and enthusiastic students . Chain‑analysis‑style rankings put the country 17th globally for grassroots crypto adoption, driven by P2P payments . Add cheap solar potential for small‑scale mining farms in rural provinces, and you have the ingredients for a vibrant Bitcoin ecosystem seeded by home‑grown talent.
6 | Hun Manet’s “loud silence” leaves the flank open
The prime minister champions fintech modernization and a strong riel but has never endorsed or attacked Bitcoin. Politically, that gives innovators breathing room. Bakong (state money) handles compliance; Bitcoin (open money) can serve the parallel needs of remittances, savings and border‑free commerce—without threatening the state narrative as long as tax and AML rules are met.
The playbook
| Step | What Bitcoin entrepreneurs, investors and advocates can do today |
| 1 — Embed in Bakong UX | Offer auto‑swap plugins: KH‑QR → BTC Lightning in one tap. |
| 2 — Target remittance corridors | Partner with licensed money‑transfer operators; quote sub‑1 % all‑in fees funded by sats. |
| 3 — Educate merchants | Run “Pay Me in Bitcoin” workshops in Phnom Penh cafés & Siem Reap tourist hubs—young owners are already QR‑fluent. |
| 4 — Lobby within the new Prakas | Form an industry association to help the NBC craft crypto‑custody standards that dovetail with Bakong. |
| 5 — Leverage solar & rice‑husk energy | Pilot micro‑mining co‑ops in provinces where excess renewable wattage is currently wasted. |
Final boost of optimism 🎉
Cambodia skipped land‑lines and jumped straight to mobile. It could just as easily skip clunky correspondent‑bank rails and leapfrog to Bitcoin‐powered value exchange. With digital wallets ubiquitous, regulation thawing, remittance pain acute, and millions of tech‑savvy young Cambodians hungry for opportunity, the Kingdom is perfectly poised for a Bitcoin boom.
Hun Manet may never say “₿” out loud—but his policies have inadvertently laid the runway. The jets are fuelled, the tower is clear, and the future of open money in Cambodia is ready for take‑off. 🚀