Executive Chairman of Ripple, Chris Larsen, and his spouse Lyna Lam, Founder of the Khmer Buddhist Foundation, met with Cambodian Prime Minister Hun Manet at the Peace Palace in Phnom Penh to explore a potential partnership focused on expanding Cambodia’s renewable energy sector through the production of solar panels for export to the United States.
According to a report by the Khmer Times, Prime Minister Hun Manet welcomed Larsen’s proposal, emphasizing that it aligns with Cambodia’s ambition to raise its renewable energy usage to 70% by 2030, an increase from the current 62%. “Chris Larsen’s interest in renewable energy cooperation […] is in line with the Royal Government’s priority goal of promoting the use of renewable energy to 70% by 2030,” Hun Manet was quoted as saying.
During the meeting, Larsen and Lam detailed additional initiatives, including their commitment to preserving Cambodian culture and tradition in the United States through temple-building, especially in San Francisco, and their plan to expand educational opportunities for children in rural areas of Cambodia. Prime Minister Hun Manet encouraged their charitable activities, stating that their networking in Cambodia would contribute to strengthening relationships both between Cambodian and American communities and between private sectors in the two nations.
In a separate meeting, former Cambodian Prime Minister Hun Sen, now Senate President, discussed positioning Cambodia as a hub for solar panel exports to the United States and importing low-cost natural gas to bolster the country’s economic growth. The Kiri Post quoted Larsen as saying, “And, importing low-cost natural gas to Cambodia, which not only contributes to Cambodia’s economic growth, but also contributes significantly to the development of relations between the two countries.”
Hun Sen further expressed optimism about the collaboration, remarking on social media that he was “pleased and supported Chris Larsen in finding new opportunities to export solar panels from Cambodia to the United States.” Hun Sen also underscored that Cambodia does not subsidize private enterprises for export purposes, pointing out this policy helps the country comply with World Trade Organization rules.
Was The Ripple Stablecoin A Topic?
These meetings came against the backdrop of Cambodia’s new regulatory framework for digital assets, announced on December 27, 2024, after the National Bank of Cambodia issued a directive on December 26. The new rules allow commercial banks and payment institutions to handle stablecoins—classified as “Category 1” crypto assets—while continuing to prohibit unbacked cryptocurrencies like Bitcoin. Financial institutions must now obtain prior approval from the central bank for activities involving stablecoins, including conversions to fiat and custody services.
Notably, Ripple itself just launched a new US dollar-backed stablecoin, RLUSD, on December 17, 2024, after obtaining final approval from the New York Department of Financial Services on December 10. The stablecoin is fully backed by US dollar deposits, government bonds, and cash equivalents.
Ripple also has an established presence in Cambodia: SBI LY HOUR Bank introduced the nation’s first cross-border blockchain transfers via Ripple in May 2021. However, it is important to note that RLUSD is not officially mentioned as part of the meeting agenda.
At press time, XRP traded at $2.07.
