There are many indications that the adoption of cryptocurrencies in Thailand is growing. The National Securities and Exchange Commission (SEC) estimates that local digital asset exchanges volumes have increased by nearly 600% since November.
Cryptocurrency adoption in Thailand is growing
Data collected by the Thai SEC and published by Bloomberg indicate that the total volume on licensed Thai cryptocurrency exchanges increased from 574.5 million in November to $ 3.96 billion.
In an interview with Bloomberg, Atichanan Pulges, co-founder of the leading Thai stock exchange Bitkub, said that the estimated volume on his platform increased by 40% between January and February this year. Pulges also claims that 90% of cryptocurrency transactions in his country and the company serves 300,000 customers.
Tests for cryptoinvestors?
In response to the growing popularity of cryptocurrencies, the Thai SEC proposed to conduct training courses and tests to prevent inexperienced traders from speculating on cryptocurrencies.
However, cryptocurrencies are not everything. In addition to the boom in digital currency trading, Thailand also appears to be booming in DeFi. The Defiant report shows that the country ranks second in the world for keyword search traffic “Decentralized finance”. The examined period was 12 months.
As a result, the authorities are becoming more and more interested in cryptocurrencies. For example, the Bank of Thailand (BoT) is tightening its activities in the field of stablecoins. Recently, this institution warned citizens that a baht-tied stablecoin – Thai Baht Digital (THT) – was violating the country’s currency law.
In the middle of last year, the central bank admitted that it was developing a prototype of a corporate payment system using the central bank’s digital currency (CBDC). The prototype will reportedly be built on the basis of knowledge gained during work on the Inthanon project. According to official statement, Bank of Thailand appreciates and supports “The important role of financial innovation and technology in enhancing the competitiveness and readiness of the business sector entering the digital age”.
In turn, in the fall, BoT launched the world’s first platform for issuing government savings bonds based on blockchain. In this way, it issues government bonds worth USD 1.6 billion.