Blockchain Lottery Launched In Cambodia By Chinese Company

The latest blockchain news are taking us to Cambodia, where the Chinese news agencies are reporting an increase in the interest for crypto and blockchain. As of recently, the Fujian-based Hongbo (Chinese) company has launched blockchain lottery tickets in Cambodia. The operator is claiming that this product is “the world’s first paper-based blockchain-powered lottery.”

As you may not know, Hongbo is a commercial printing company and a long-term lottery operator. In February 2020, the company announced that it was working on the project with Jin Xiang, a Cambodia-based subsidiary of Hong Kong’s Jin Cai International Holding.

The Chinese companies also noted that the blockchain lottery comes after a partnership with Cambodian gambling companies. Per reports from JR and STCN, the companies have both received regulatory permission from the Cambodian regulatory bodies – launching their products over the weekend.

Hongbo’s offering is basically an “instant” blockchain lottery ticket named Goldvalley KHR, which works unlike the scratchcard products that are popular in other countries. With it, the ticket lets you immediately discover if you have won – and make claims at the point of purchase.

According to reports from China.com, the tickets can help reduce the risk of fraud by using digital ID authentication and incorporating the buyer’s mobile phone number and QR codes. The operator further says that this will allow the platform to “reduce the risk of money laundering.
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In February, the Chinese company Hongbo noted that it would provide the required blockchain technology for the platform. Speaking of, the technology’s name is Scratchblock, and the company will also produce the lottery ticket issuing services.

As we can see lately, the Southeast Asian nation is proving to be something of a dark horse in the blockchain race on a global level. China is definitely on a good course to put Beijing into perspective and be the first country that will launch a central bank digital currency (CBDC) as our crypto regulation news show.

The CBDC project is a big one – but also one that inspired many countries in the same direction. Apparently, even the United States is thinking about issuing its digital dollar – a project that was discussed among some big players in the country last month.