Thailand Plans to Build a Blockchain Hub

Countries in Asia Pacific are currently rushing to build cryptocurrency hubs. Thailand is planning to set up a Central Bank Digital Currency before 2019.

Cagayan in the Philippines and Jeju Island of South Korea are among such states. Of all of these states, Thailand is the most successful in the cryptocurrency industry thanks to its large and very supportive government. It leaders are at the forefront in the run to integrate cryptocurrency as the mainstream currency.

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Their latest move is a plan to set up a Central Bank Digital Currency before 2019. With all these successes in the field, experts feel the country has not taken full advantage of its success to get something of even more value. They can, for instance, be the hub for innovation, blockchain development, and entrepreneurship.

Difference between Blockchain and Cryptocurrency

Although most people use the two interchangeably, the two are very diverse concepts. The blockchain is the technology behind all cryptocurrency. In other words, blockchain is the ledger with many applications in the form of cryptocurrencies. Due to the promising nature of the blockchain over cryptocurrencies, it would only be prudent for Thailand to place itself in the epitome of this technology.

However, for Thailand to achieve this ambition, policymakers and government leaders should concentrate on adopting blockchain friendly regulations. They should also encourage both the locals and foreigners to start creating viable products from this technology. Additionally, the Thai government is also expected to abandon any powerful force which foreign policymakers might attempt to follow.

Are companies adopting blockchain technology?

Most people don’t understand how blockchain can boost traditional industries, but on a closer look at the success it has brought to some companies, it becomes easy to appreciate it. Electrify of Singapore, for instance, is inventing its own ecosystem.

This development will allow consumers to engage in the peer-peer trade of energy. Other countries would most probably shun a company like Electrify, but for Thailand that wants to be the blockchain hub, it requires to facilitate and allow such companies to compete with others in the industry.

Blockchain and Telecommunication

On the other hand, Thailand can also be the hub of Blockchain in the region if it can work with innovators who are already live. A good example being Pundi X of Indonesia. The company recently introduced a smartphone for blockchain the XPhone.

The users will now make calls, send texts and perform all phone operations without relying on a carrier. Once rolled out in mid-2019, the phone could be the game-changer in the telecommunication field.

For Thailand to clinch its position as the regional cryptocurrency hub, it has to focus on working with such innovators. Soon start or already set companies like Pundi X will start setting base in Thailand. They will certainly revolutionize the real estate business, healthcare and many more.

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Mwere Jmaina

Mwere Jmaina is a guest author at coinpedia. He explores and writes about crypto coins, the latest updates, and more.

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