In pockets of Phnom Penh frequented by Chinese expatriates, the scrolling neon signs at 24-hour currency exchanges offer to trade yuan for Tether, the cryptocurrency of choice for moving money in and out of China, gambling and cashing out the gains of Southeast Asia’s cyber scams.
Like all cryptocurrencies, Tether (or USDT) – a so-called stablecoin because its value is tied to the US dollar – is officially banned for trade in Cambodia.
Yet security experts say it has fast become an integral part of the country’s shadow economy; with a low fee and no restrictions to move, hide and launder money at speed.
