Thailand Accelerates Blockchain Adoption, Despite The Bitcoin Plunge

Thailand’s cryptocurrency exchange strategy is to raise the funds by $10m in security token offering.

Thai crypto exchange pioneer Satang Corp’s strategy is to raise $9.9 million by the start of next year. This accelerates the adoption of blockchain technology behind virtual currencies. Satang plans to make Thailand a center for blockchain.

The Influence Of Satang’s Plan

Satang’s plan has the backing of the Thai government, which wants to make Thailand a center for blockchain. Satang CEO Poramin Insom says

We are aiming for the first quarter of 2019 to do the security token offering.

Security tokens are a best method offering investors a share in profits from certain assets. This value may fluctuate depending on the company. Therefore, these tokens are designed to avoid regulatory problems created by ICOs. Hence Beijing announced, the security token offerings are illegal in China.

Satang aspires to develop Satang App, an e-wallet  helping consumers to make payments. There are plans to set up Satang Shops at Phuket and Pattaya. Although Satang announced at the time of turbulence in crypto market, the Thai government still supports Satang. Hence, Satang wants to incorporate the technology into its systems and establish a regulatory framework for blockchain and cryptocurrencies.

Usage Of Blockchain Technology In Government Functionalities

Thai revenue department uses blockchain technology to track tax evasion. Using Blockchain helps to verify tax amounts, speed up the refund process and add transparency and security, says Ekniti Nitithanprapas. In June, Thai government legalises seven cryptocurrencies : bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, ripple and stellar. Along with theses currencies, it also allowed limited number of crypto exchanges and broker-dealers to apply for operating licenses.

The Bank of Thailand, plans to create a digital currency to transfer money among commercial and central banks. It plans to work with eight commercial banks to build a prototype. Also, on Nov. 23, the Thai SEC warned 14 unauthorized cryptocurrency exchange operators, that its regulatory system is working and flagging up malpractices.

The second largest crypto exchange in South Korea, Bithumb, said in July it would open an exchange in Thailand.

The nationwide electronic voting process involving 120,000 voters took nine days instead of five due to a technical glitch. But it successfully avoided classic errors such as multiple counts of a single vote and result manipulation. Despite all this it may be employed in upcoming general election to be held as early as Feb. 24 next year.

Yet Poramin has expectations, says

I hope that other political parties or even the government not just in Thailand but in the region can look to using blockchain technology in enabling large scale e-voting or polling.

Hope you like the read! For more related coverage you can visit our Blockchain News section.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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