Thailand Leads the Blockchain Economy Race
September 3, 2018 3:56 pm
Thailand is going against the grain when it comes to embracing cryptocurrencies and blockchain technology. The country is on its way to launch the world’s first Central Bank Digital Currencies (CBDC). Thailand has legalized the use of major cryptocurrencies in the country.
Although multiple nations have shown a positive stance towards cryptocurrencies and blockchain technology, Thailand leads the pack when it comes to the acceptance of cryptocurrency.
Currencies such as Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar are legal for use and trading in Thailand. The country is also working to establish a regulatory process for upcoming ICOs.
Unregulated markets are dangerous as they do not provide confidence to the investors and users have a high chance of losing their money.
Although the world is yet to tap into the full potential of blockchain technology and cryptocurrencies, the ASEAN region has been the driving force for the development of blockchain and related technologies. These countries include Japan, China, South Korea which has the potential to transform the economic landscape of the Asian market.
The Thai Central Bank is working on a CBDC that is being built using R3’s Corda blockchain. This platform is title “Project Inthanon” and the phase one is already under progress. Notably, eight commercial banks in the country are collaborating to bring this platform to reality.
Project Inthanon is the first step towards a modern central banking model. The access is most likely to be exclusively accessible to the banks.
An Australian company is working on an upcoming blockchain project that is aimed at trading power in Bangkok’s Sukhumvit district. The Bangkok electricity grid will be used to carry the power among the various areas. This project is titled, Power Ledger.
Apart from technology, Thailand has also started offering a license for crypto exchanges. This will allow Thai nationals to invest and trade in cryptocurrencies, which in turn will help improve their financial wealth.”