How bitcoin and cryptocurrencies went from Wall Street to the high streets of Southeast Asia | This Week In Asia

It is hard to say if Sachaknisay Sov is rich or poor. He lives in a rented room in rural Cambodia without a kitchen, but he does have something in common with many millionaires.

Sachaknisay Sov uses a virtual currency similar to bitcoin. This year, when the taxi driver, 31, was looking for a way to pay bills and afford repairs to his motorcycle, he took a US$500 loan in the form of digital tokens that could be traded for cash in selected pawn shops.

“[Digital token-based loans are] absolutely much better than the traditional ones,” said Sachaknisay Sov, who used to borrow money from friends and local lenders. “It has a lower interest rate.”

Previously, he paid at least 18 per cent interest for every penny he had borrowed. Now, he pays 5 per cent.

WATCH: What are cryptocurrencies?

Sachaknisay Sov represents an emerging group in the developing world as cryptocurrencies have made their way from Wall…