Thailand has always attracted the world with its diverse and unique tourism resources. She is the country with the most ancient monuments in Southeast Asia and a holiday paradise. The capital Bangkok is very charming and vibrant, and it is unforgettable.
It is the digital currency that has recently made this country "burning". In the past year and a half, the use of encrypted digital currencies such as Bitcoin in Thailand has grown significantly, thanks to mining, merchants and traders.
A number of media have reported in detail how cryptocurrencies are popular in Thailand. As reported in the Bangkok Post, although the Thai government has not yet given an official stance on Bitcoin, the people have been using it constantly, and young entrepreneurs have begun to invest heavily. Traders are concerned about the lack of government regulation because Bitcoin accounts for 70% of its portfolio.
A computer exhibition held in Thailand last June proved from the side that the Thai people are obsessed with cryptocurrencies - many people are rushing to buy computer accessories for cryptocurrency mining. Because people are competing to take video cards to dig ETH and Zcash in exchange for bitcoin, Thailand has a shortage of graphics cards (GPU).
GPU vendor Veerachai is not the only merchant to bet on Bitcoin. It is reported that the owner of Lim Lao Ngow, a Bangkok fish ball noodle shop, has decided to accept bitcoin payments in one of its six branches. The store owner said: "I think the future of cryptocurrencies will be a very important technology - these technologies will definitely change the way we conduct financial transactions."
As digital currencies such as Bitcoin grow and develop in Thailand at an alarming rate, more derivative phenomena have jumped into the public's view. As a result, the Thais inadvertently discovered that the capital had a meeting place for bitcoin enthusiasts – the Zhongben Cong Square in Bangkok. Bitcoin ATMs continued to emerge, and the trading volume of the Localbitcoins exchange also rocketed. For digital currency enthusiasts and investors, January 19 may be the most memorable. On this day, the Kingdom of Digital Asset Exchange (also known as the “Big Bull Exchange”) was officially unveiled and became the first digital asset exchange to be awarded a government license. The digital currency has thus obtained legal status in Thailand.
ICO and digital currency have always followed. Some observers have concluded that after the "Big Bull" is established, the ICO will be on the right track accordingly. Right now, the Thai Securities and Exchange Commission and the Thai Stock Exchange are discussing a comprehensive regulatory framework that will allow for funding through the ICO and is expected to hold a public hearing soon. Once the regulatory framework is completed, the new rules will be submitted to the Board of Directors of the Securities and Exchange Commission for further consideration. In fact, as early as last year, the Securities and Exchange Commission of Thailand has stated that although ICO may be used as a fraud tool, it can also meet the funding needs of startups and help them develop rapidly.
Praoporn Senanarong, Assistant Secretary General of the Securities and Exchange Commission of Thailand, believes that digital token sales may replace IPOs in the long run, and will “subvert and destroy” asset management companies, investment banks, investment advisers, and transactions. The traditional operating mode of the brokerage. It is reported that the Securities and Exchange Commission of Thailand also intends to launch a special website to identify ICO projects through a series of screening procedures.
Thailand is also open to blockchain technology. On January 21st, ZB.com Thailand opened its grand opening in the Gaysorn Tower in Bangkok. The attendees included the official representatives of Thailand, well-known companies in the currency circle and senior investors. From planning to enter Thailand to officially launch, ZB.com only took just over two months. The establishment of ZB.com's operation headquarters in Thailand means that the global blockchain products based on Thailand tourism will soon land in Thailand. According to blockchain experts, Thai business will adopt blockchain technology, use its security and transparency to carry out value transfer and promote innovation in other industries.
As a core member of ASEAN, Thailand has never given up its role as a leader in the Southeast Asian region. The “First Southeast Asia Blockchain Summit Forum” held in Thailand on January 19th received full support from the government, academics and business people. At the summit, Royal Thai Admiral Radm. Santi Boonnuch, former Deputy Prime Minister and entrepreneur Phongthep Thepkanjana, First Vice-President Alongkorn Ponlaboot, Myanmar Minister of Industry Wu Mimmin and other political figures expressed their willingness to support the development of blockchain industry. , regulate and support ICO and digital asset trading.
The summit is even more remarkable. The ASEAN Blockchain Research Institute and the Thailand-ASEAN ICO Research Institute were officially unveiled. Together with the Big Bull Exchange, the establishment of the three major institutions on the same day demonstrates Thailand's policy attitude towards ICO and digital asset trading.
The WIN GC Group of Thailand with a political background also extended its reach to China. On January 28th, WIN GC Group announced in Beijing that it officially acquired the intellectual property chain IPChain and described it as the world's first major restructuring of encrypted digital assets. According to Nuclear Finance, WIN GC was founded by several politicians and their families in Thailand, paying special attention to the development of global technological innovation and application and its impact on the Asian economy.
It's hard to imagine that just five years ago, Thailand was the first country in the world to block bitcoin. From the transition of a few countries in the world that prohibit the development of digital currency-related business companies to those that actively embrace the transformation of emerging technologies, the Thai government's homeopathy is gratifying. Then, why is Thailand going upstream in the process of strengthening supervision and encirclement in many countries?
Thailand was deeply affected by the 1997 Asian financial crisis, which may be an important reason. The current open and aggressive attitude of the Thai government in the field of digital assets and new finances is easily understood as a desire to seek more voice in the world financial landscape.
Perhaps the deeper reason is that the Thai industry is generally aware that the blockchain is the revolution that will shape the future. Its decentralized top-level design will make its application spillover into the economic field and may completely change the way value transmission of human society. Thailand in this craze does not want to be outside.
It is undeniable that finance, medical care and government are the most frequently used scenarios for blockchain technology. In this regard, Thailand lags behind other countries but is at the leading level in the ASEAN region. To go further – there is news that Thailand will implement the extensive use of blockchain technology within two years, requiring relevant regulatory authorities to make timely adjustments at the policy and legal levels to cope with the ever-changing market in the future.
In essence, a blockchain can be seen as a decentralized database that itself exists as a technology. If the blockchain technology is likened to the soil in a pot, then the encrypted digital currency is a flower in the roots. Its emergence has made some countries feel the crisis and become unacceptable - the currency can be "printed" by any one, and the "control" of the most controllable printing currency of the economic powerhouse is challenged. But for the less developed countries, the emergence of encrypted digital currency may be an opportunity to overtake a corner.
The ancient name of Thailand (Thailand) is Siam, which means “the country of freedom”. At present, Thailand is playing in this wave of cryptocurrency and blockchain with its "free spirit" of "independence spirit". Perhaps, through the efforts of many countries including Thailand, Bitcoin will eventually emerge from the small circle of liberalism, not only to demonstrate the freedom and equality of values it believes in, but also to the world, along with the blockchain technology behind it. Bring a subtle and far-reaching impact.