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Thailand is distinguishing itself from other nations when it comes to blockchain and cryptocurrency. The South Asian nation is well on its way to having one of the world's first central bank (CBDC) currencies and has already legalized the use of the main cryptos within the Thai borders. Many nations are supporting the development of blockchain, but Thailand is a relative rarity in their openness to cryptocurrency.
Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple and Stellar are completely legal in Thailand. Beyond that, Thailand has created a definitive regulatory process for the new ICOs, which is useful for investors who are becoming wary of possible malfunctions in the burgeoning ICO market.
Totally unregulated markets can be problematic for investor confidence, and it seems like Thailand has anticipated the herd in large-scale encryption.
There is still a big gap between what cryptocurrency and blockchain are able to do for society, and for what they are actually used. In the real world. The ASEAN region has been a driving force in the development of the blockchain, and when neighbors like Japan, South Korea and China are added to the mix, it's easy to see why blockchain is a rising force in most broad Asian economy.
Implementing Blockchain technology
It is not difficult to find a myriad of blockchain and cryptocurrency companies that are working on great ideas that may or may not have a commercial success. In Thailand, there are some real-world use cases that are important to look at. One of the most well-known projects is the emerging CBDC of the Thai Central Bank (Bank of Thailand (BoT), which is built by the Rca blockchain.
The BoT calls the CBDC platform "Project Inthanon" and phase one Apparently , the first eight commercial banks working with the BoT on Project Inthanon are already underway, and they have said this about the way the project will evolve,
"The BOT and the participating banks will collaborate on a project basis and will develop a test of – prototype concept for the transfer of wholesale funds by issuing digital currency of the Central Bank to wholesale (CBDC wholesale). "
The Inthanon Project is not designed to replace cryptos like Bitcoin or Ethereum and will probably only be accessible to banks.It integrates seamlessly with the modern central bank model, which many leave without enthusiasm some enthusiast encrypted.R3 Corda architecture is not open c Like other platforms blockchain, which is a source of criticism Central banks can not worry about this aspect of the blockchain, given that they have a deep-rooted position created by the government's mandate.
The Open Market
Another blockchain project that should be published soon is powered by an Australian company. It will help the residents of Bangkok Sukhumvit to exchange power with one another and the state public utility. The Power Ledger platform will make the exchange possible. The program will start with 635 KW which will be exchanged between a shopping center, a school, a dental hospital and an apartment complex. Bangkok's electricity grid will be used to bring power.
David Martin, CEO of Power Ledger, told Reuters because this platform will help energy consumers,
"By activating the renewable energy trade, the community meets its energy needs, leading to a reduction bills to buyers, better prices for sellers and a lower carbon footprint for everyone, "he commented, and expanded the benefits:" It will encourage more consumers to switch to renewable energy, the cost can be offset by selling excess energy to the neighbors. "
Power Ledger is not the only company that is working on a blockchain platform that could help small-scale electricity producers to market their energy via an existing network. Walmart has patented a similar idea, although there is no information on how they intend to implement their system. Power Ledger has clearly an advantage for the first move, and their upcoming debut in Thailand is hoped to provide them with a real-world case to drive further implementation.
The regulations are in place for Thailand
In addition to the pioneering uses for blockchain that is not part of FinTech at the consumer level, Thailand has also approved the licensing of cryptographic exchanges and authorized Pundi X to distribute your payment platform in your country. While there are rich areas of Thailand, there are also many areas suffering from poverty. Pundi X could help attract the unpopulated population and help them use the same type of financial services offered by banks.
The advantages the crypt can offer to the impoverished are beginning to be understood. There could be huge advantages to allow the disadvantaged economically to get out of the cash economy. The poor would be able to save their wealth without incurring relatively large costs when they need to send or receive money. Thailand seems to be open to cryptocurrency and blockchain to a greater extent than many countries, and this will probably help them as the industry evolves globally.
