Techcrunch: Thailand becoming crucial country for blockchain

Techcrunch, the United States-based website that covers developments in technology startups, said last week that Thailand’s bold adoption of blockchain and willingness to experiment with crypto-currencies is making the Kingdom an important country for the development and spread of blockchain technology in Asia and beyond.

“To understand how a small country like Thailand can move so quickly in the blockchain space, it’s crucial to understand the strategy of regulators and local companies,’’ Techcrunch wrote. “Part of that speed is that in Thailand, regulators have shown an openness to knowledge exchange.”

Thailand has begun using blockchain in increasingly innovative ways. Recently, the government launched a pilot project in a section of Bangkok in which residents who have installed solar power panels on their homes can trade energy in a peer-to-peer system that relies on blockchain.

Blockchain is also the foundation for crypto-currencies or digital currencies, and earlier this year Thai regulators decided to recognize and legalize seven crypto-currencies: Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple, and Stellar.

The decision came after a period of research on the part of regulators as they weighed concerns about possible fraud and the effects of digital currencies on the financial system. In the end, they opted for innovation over fear. A spirit of collaboration between regulators and proponents of financial technologies, blockchain, and crypto-currencies helped pave the way.

“Unlike their U.S. peers, most Asian blockchain companies and exchanges work with local regulators right from the beginning, even as they are first building their products and growing their communities.”

Furthermore, Thailand’s central bank recently announced it is developing its own crypto-currency to be used only in interbank transactions.

“While United States regulators are still trying to figure out how to think about crypto-currencies, Thailand’s government is already mapping out its own central bank digital currency. This is just one of the numerous examples how Thailand has emerged as one the most interesting cryptocurrency and blockchain countries,’’ Techcrunch wrote.

The Kingdom was also praised by Blockonomi, a British website devoted to blockchain and crypto-currency news.

“Thailand is setting itself apart from other nations when it comes to blockchain and crypto-currency. Totally unregulated markets can be problematic for investor confidence, and it looks like Thailand has pulled ahead of the pack in broad-based crypto regulation,’’ Blockonomi wrote.