Bitcoin’s POS terminal system premieres in Cambodia

In what may be viewed as a welcoming change of sorts in the overall point of sale terminals market, Bitcoin aims to have a POS terminal debut in Cambodia. As quoted by Steve Miller, the CEO of Cryptoasia – the Bitcoin payment intermediator of Cambodia, the company plans to increase the adoption of Bitcoin in the country. The move, as per experts, is also one that that has subtly underlined the transformative winds of change characterizing the overall electronics and media industry.

It has been reported that Cambodia has, in the past decade, inconspicuously clawed its way to the top of the economy charts. Quite a substantial part of this growth, according to analysts, can be credited to the permissible entry of foreign investments in the nation, that add up to the introduction of myriad currencies, eventually necessitating the requirement of a flawless pricing and money exchange system. This may perhaps be indicative of the ascending commercialization scope of the regional POS terminals industry. The nation’s public outlook toward foreign currency such as the omnipresent United States Dollar (USD) seems to have sustained a noticeable change – as is evident from the fact that it is massively exploited by the country’s private sector. Quite overtly, Cambodia seems to have drifted into the comfort zone of dealing with multiple currencies, which would make it a great avenue for experimenting with cryptocurrencies – and here’s where Bitcoin may tap its potential, cite experts.

Judging by the convenience that cryptocurrency may render, Cryptoasia plans to officially penetrate (Point of Sale) POS terminals market by launching the country’s first POS payment gateway. Reports suggest that a widget is likely to be installed on a merchant’s website to generate Bitcoin addresses. The merchant apparently, would only need to enter the amount he owes (in dollars), as the gateway would convert it into bitcoins with a payment address. Cryptoasia’s move, as per analysts, would prove immensely useful for local online businesses, helping Cambodia strengthen its position in the overall POS terminals market.

Cambodia apparently, also has plans to introduce a bitcoin exchange by the end of 2017.