Cryptocurrency adoption and trends in Thailand in 2022
It is estimated that over 6.2 million people, or 9.3% of Thailand’s population, currently own cryptocurrency.
The Thai government is generally in favor of cryptocurrency due to its potential to broaden the options for Thai business owners to obtain funding and its possible contribution to the development of the country, in line with its current policies.
The Bank of Thailand and a consortium of Thai commercial banks have been engaged in a research and development project called Project Inthanon, which relates to the development of a central bank digital currency (“CBDC”). Project Inthanon was initiated in 2019 and has been through two phases relating to a wholesale CBDC, including one phase that was conducted in conjunction with the Hong Kong Monetary Authority (HKMA) concerning cross-border transactions. The testing of the retail CDBC is expected to proceed in late 2022.
In addition, Thailand has become the top crypto trading hub among the 10 member countries of the Association of Southeast Asian Nations, alongside Vietnam, each recording USD 135.9 in crypto value transacted from July 2021 to June 2022. Some of the existing crypto exchanges in Thailand are Bitkub, Binance, Bitazza and Huobi.
The halal food and beverage sector in Thailand is ramping up its use of technology as a crucial tool to achieve ‘Halal Integrity’, and hopes to establish a halal blockchain platform within the next few years.
The Bank of Thailand (BOT) announced on Friday that it would begin a pilot study of a retail central bank digital currency (CBDC) by the end of this year. On a limited scale, a possible real-life application of the ‘Retail CBDC’ will be carried out within the private sector. In the announcement on its official website, the Bank of Thailand said, “The BOT will assess the benefits and associated risks from the Pilot to formulate related policies and improve the CBDC design in the future.”
The Thai SEC has approved four more crypto exchanges and brokerage, while Zipmex withdrawals remain suspended aside from a couple of coins.