Prime Minister Hun Manet has never issued a “Buy Bitcoin!” rally‑cry. Instead, his public actions paint a regulation‑first, innovation‑friendly but Bitcoin‑skeptical picture:
- Digital rails yes – unbacked coins no. Under Manet’s watch the National Bank of Cambodia’s December 2024 Prakas on Crypto‑assets let banks handle backed tokens and stablecoins while explicitly banning any direct exposure to “un‑backed crypto‑currencies, such as Bitcoin.”
- Push for home‑grown Bakong. He urged the central bank to expand Bakong QR payments (a CBDC‑style wallet) for tourists and cross‑border shopping, showcasing a preference for state‑supervised digital money over open‑source coins.
- Whole‑of‑government FinTech plan. Manet’s 2024‑28 FinTech strategy, signed off under his “Pentagonal Strategy,” embraces DeFi and tokenisation within a tightly regulated sandbox—again, no special role for Bitcoin itself.
- Hard line on crypto‑fuelled scams. Facing global outrage over Cambodian “pig‑butchering” schemes, Manet ordered nationwide raids on scam compounds and pledged to clean up crypto money‑laundering hubs.
How to read his stance
| 🔍 Observation | 🎯 What it tells us |
| Promotes Bakong, QR interoperability and tokenised securities | Pro‑digital finance when it boosts trade, tourism and traceability |
| Maintains Bitcoin ban and warns of illicit flows | Risk‑averse toward open, permissionless crypto |
| Frames FinTech in the “Governance Reform” plank of his Pentagonal Strategy | Sees digital money as a state‑building tool, not a grassroots revolution |
| Orders crackdowns on scam centres tied to crypto | Keen to signal credibility to Western partners and investors |
The upbeat bottom line 🎉
Hun Manet’s mantra could be summed up as “Blockchain, yes; Bitcoin, not yet.” He’s chasing a cash‑lite, tech‑savvy Cambodia—but only on rails the government can monitor and audit. For entrepreneurs and citizens this means:
- Build within the sandbox. Stablecoin remittances, tokenised real‑estate and Bakong integrations are welcome playgrounds.
- Expect Bitcoin’s legal status to stay frozen until regulators are convinced the scam crisis is tamed and consumer‑protection nets are airtight.
- Stay optimistic! Every new directive nudging banks toward digital assets expands the conversation. A clearer rulebook today sets the stage for broader crypto freedoms tomorrow—if the ecosystem proves trustworthy and value‑adding.
So keep learning, keep innovating, and watch those Phnom Penh policy wires. The door isn’t wide open for Bitcoin yet, but the hinges are definitely loosening—one pragmatic reform at a time!