Thailand’s crypto industry has grown to overtake the entire economies of Argentina and Turkey despite the country remaining 7under Junta rule. One of the few Asian nations in which Blockchain is allowing unrestricted financial management, the future looks promising despite several attempts to enforce restrictions.
Thailand has been ruled by a military government ever since the coup which occurred in 2013. With the Royal Thai army in charge of all government affairs crypto use restrictions were also in the works in partnership with the Thai SEC. Banks and other financial institutions were warned to keep away from engaging with crypto business and allowing individuals to use crypto too.
Opinions remain split as Wissanu Krea-ngam, the country’s deputy prime minister agrees that further information is necessary before decisions are made on the future of bitcoin and crypto in the country. On the other side of the coin, Somchai Sujjapongse the permanent secretary of the Ministry of Finance stated any financial activity in the form of Bitcoin without input of the regulators is dangerous and ill advised.
“Allowing Bitcoin transactions to be made without warnings and direction from regulators is not acceptable.”
The position on crypto remains divided as although crypto ICO’s are banned, similar to their status in a number of other countries including Vietnam
“The working panel must work more rapidly over the next month to inform regulators on how to handle bitcoin,” Mr Somchai said. “However, it is not correct to consider blockchain harmful if we do not prefer bitcoin, as blockchain technology can create benefits. We can reap benefit from using blockchain technology.”
To conclude, Bitcoin and crypto have found new utility in Thailand’s Junta state, Despite a significant crackdown on internet use and national censorship, blockchain technology remains key to the freedom of citizens and a pull for international investments. With the likes of Bithumb and even IBM serving as international investors helping to grow the country’s blockchain economy,