Historical Bitcoin to Cambodian Riel Price Movement
The BTC/KHR currency pair reflects Bitcoin’s value against the Cambodian Riel (KHR). Cambodia’s dollarized economy, expanding digital payment ecosystem, and cautious approach to cryptocurrencies have shaped Bitcoin’s adoption within the country. BTC/KHR price movements are influenced by global Bitcoin trends, local fintech advancements, and regulatory positioning by the National Bank of Cambodia (NBC).
Historical Overview of BTC/KHR Price Trends
2017–2019: Early Awareness and Informal Adoption
- BTC/KHR surged to KHR 80 million in 2017 driven by global enthusiasm and interest among Cambodia’s youth.
- NBC issued cautionary advisories against cryptocurrency trading, limiting formal financial institution involvement.
- Peer-to-peer (P2P) platforms emerged as the main avenue for Bitcoin transactions, especially among freelancers and digital nomads.
2020–2021: Bull Run and Fintech Exploration
- BTC/KHR climbed to KHR 420 million by late 2021 in sync with the global Bitcoin bull run.
- Cambodian fintech startups began integrating blockchain technologies for payment processing and digital finance innovations.
- NBC launched its central bank digital currency (CBDC) project “Bakong,” signaling openness to digital finance but with a controlled approach.
2022: Market Correction and Regulatory Reinforcement
- BTC/KHR corrected to KHR 320 million amidst global crypto market downturns.
- NBC reiterated advisories against unregulated cryptocurrency usage, maintaining a cautious stance.
- Bitcoin continued to be used in informal markets, especially for remittances and cross-border e-commerce activities.
2023: Stabilization and Digital Payment Expansion
- BTC/KHR stabilized around KHR 365 million as global market sentiments recovered.
- The Bakong CBDC network expanded, indirectly promoting digital financial literacy and familiarity with blockchain systems.
- P2P Bitcoin transactions remained active, particularly in urban hubs like Phnom Penh and Siem Reap.
2024–2025 (YTD): Halving Rally and Regulatory Watch
- Post-2024 halving, BTC/KHR surged to KHR 600 million.
- As of April 2025, BTC/KHR consolidates between KHR 595–600 million.
- NBC continues to monitor cryptocurrency activities while focusing regulatory efforts on the formalization of digital payment systems.
BTC/KHR Yearly Comparison Table
| Year | Avg. Price (KHR) | Year High | Year Low | Annual Performance | Market Factors |
|---|---|---|---|---|---|
| 2017 | KHR 70 million | KHR 80 million | KHR 40 million | ✅ Early adoption | P2P channels |
| 2021 | KHR 410 million | KHR 420 million | KHR 230 million | ✅ Bull run peak | Fintech growth |
| 2022 | KHR 315 million | KHR 320 million | KHR 300 million | ❌ Correction | Regulatory caution |
| 2023 | KHR 360 million | KHR 365 million | KHR 350 million | ✅ Stabilization | Digital payments expansion |
| 2025* | KHR 597.5 million | KHR 600 million | KHR 595 million | ✅ Halving momentum | Regulatory watch |
Key Factors Driving BTC/KHR Valuation
- Regulatory Environment – NBC’s cautious approach limits formal Bitcoin channels while promoting controlled digital finance through Bakong.
- Remittance and E-commerce Use – Bitcoin is used as an alternative for remittances and online trade payments.
- Fintech Innovations – Startups are exploring blockchain applications, increasing Bitcoin’s visibility.
- Informal P2P Networks – Absence of licensed exchanges maintains a strong P2P market for BTC/KHR.
- Global Bitcoin Cycles – BTC/KHR valuation trends follow global Bitcoin price movements and halvings.
BTC/KHR Market Structure Insights (2025)
- P2P platforms and informal trading groups are primary BTC/KHR liquidity sources.
- The Bakong CBDC indirectly increases public familiarity with blockchain ecosystems.
- Regulatory advisories ensure that Bitcoin activities remain in informal sectors but are closely monitored.
- Cross-border payment startups are experimenting with Bitcoin-backed remittance solutions targeting ASEAN corridors.