Thailand accelerates the adoption of Blockchain, despite the Bitcoin Plunge

The pioneering strategy of Thai Crypto exchange Satang Corp is to raise $ 9.9 million at 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 plan of the influence of Satang

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

We are aiming for the first quarter of 2019 to offer security tokens.

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

Satang aspires to develop Satang App, an e-wallet that helps consumers make payments. There are plans to create Satang stores in Phuket and Pattaya. Although Satang announced at the time of the turmoil in the encrypted market, the Thai government still supports Satang. Thus, Satang wants to incorporate the technology into its systems and establish a regulatory framework for blockchain and cryptocurrencies.

Use of Blockchain technology in government functionalities

The Thai revenue department uses blockchain technology to track tax evasion. The use of Blockchain helps to verify the amounts of taxes, to speed up the repayment procedure and to add transparency and security, says Ekniti Nitithanprapas. In June, the Thai government legalized seven cryptocurrencies: bitcoin, ethereum, cash cash, ethereum classic, litecoin, ripple and stellar. Together with these currencies, it has also allowed a limited number of cryptographic exchanges and broker-dealers to request operational licenses.

The Bank of Thailand plans to create a digital currency to transfer money between commercial and central banks. He plans to work with eight commercial banks to build a prototype. Furthermore, on 23 November, the Thai SEC warned 14 unauthorized cryptocurrency exchange operators that its regulatory system is working and reporting improper practices.

The second largest cryptic exchange in South Korea, Bithumb, said that in July an exchange will open in Thailand.

The nationwide electronic voting process involving 120,000 voters required nine days instead of five due to a technical problem. But he successfully avoided classic errors such as multiple single-vote counts and manipulation of results. Despite all this could be used in the next general elections to be held from 24 February next year.

Yet Poramin has expectations, he says

I hope that other political parties or even the government not only in Thailand, but in the region, can use blockchain technology to allow electronic voting or a large-scale survey.

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