BitcoinCash adoption in Thailand

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1 year ago

The background

Marc Falzon just made the below tweet:

Link: https://twitter.com/MarcFalzon/status/1552841990353698817

Now the tweet in question was originally made by BCHThailand, who has per their description are making Bitcoin Cash accessible to everyone, and retweeted by Marc with the caption:

Looks like another visit to BKK is on the horizon...

Thailand a BCH foothold in Asia?

If BitcoinCash becomes the most adopted medium of exchange in Thailand then it would be music to my ears.

First of all, I love Thailand.

Secondly, I love BitcoinCash.

And seeing these two together would be amazing.

Adoption in Asia

Now before jumping to conclusion I will wait for the ground report by Marc to see how it actually is at the major cities in Thailand.

As per BCHThailand's tweet it seems they are working towards a wider adoption in Phuket and from their website it seems that they are working with merchants all over Thailand.

And its good news on many fronts,

Mainly because for the past couple of years Crypto adoption was centered more towards the west and particularly centered in the Caribbean and the Americas.

With Thailand being one of the most visited country in Asia with tourist from all over the world and a thriving expat community, it is ripe for BitcoinCash adoption.

Elephant in the room

Unfortunately, from a regulatory prospective Asia isn't the most Crypto friendly.

And Thai government isn't any different the use of Crypto as a payment method is ban by the Thailand’s Security and Exchange Commission.

While it has been cleared by them that they are only banning the use of crypto for payments and is not banning crypto trading and digital assets.

Which in my opinion defeats the purpose, Crypto is a medium of exchange if it doesn't get used for it purpose, will it have any value?

Thailand could lead the way

Thai government should be more progressive about Crypto same way they have been before and which is the reason so many people visit Thailand in the first place.

Thailand has been, in the past:

  • Chill about its red light areas

  • Recently legalize cannabis

  • and, working towards allowing Casino

(Granted they are doing this for money in the post pandemic world in order to bring in more tourist)

Thailand is progressive and that is a good thing, then why the cold shoulder to Crypto?

Proper regulation

Now, allowing Crypto payments shouldn't been a lack of regulation.

There should be regulation that enables people and make their lives better.

In the past Thai government has done that, there are proper regulation in place for many of the industries in Thailand.

They have guidelines about what are limits to cannabis cultivation, trade and consumption and are working towards a regulatory system for it.

Similarly, they are drafting the bill for legalizing casinos in Thailand.

Need for regulation

A progressive country should have regulations in place to protect its citizens and guest and should enable development for everyone.

I do not advocate for a unregulated Crypto adoption in fact I believe there should be good laws in place to nurture and grow the Crypto industries.

My hope for the future

I haven't been to Thailand for a long time mostly because of the pandemic and I have been delaying my next trip for so long because of so many excuses, be it the monkey pox news or the state of airlines at the moments.

But they was just that, excuses, there will always be something wrong with the world at any given point of time.

And BitcoinCash adoption is one of the best reason to visit Thailand.

I'll wait for the Marc's video on his ground report and if BitcoinCash is really become a thing in the lovely city of Bangkok that'll be the reason enough for me to pack my bags and head there on the next flight.

As I genuinely believe that if BitcoinCash could become a medium of exchange in Thailand then a lot of Crypto millionaires will rush to Thailand in hoards. I am not a millionaire and barely have a BCH and when I spend it I want it to be in Thailand.

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