Thailand | 2022

Cryptocurrency adoption and trends in Thailand in 2022



of Thais
own cryptocurrency

How many cryptocurrencies owners in Thailand?

It is estimated that over 6.2 million people, or 9.3% of Thailand’s population, currently own cryptocurrency.

Cryptocurrencies Market Sentiment in Thailand

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 cryptocurrency (“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 cryptocurrencies trading hub among the 10 member countries of the Association of Southeast Asian Nations, alongside Vietnam, each recording USD 135.9 in cryptocurrencies value transacted from July 2021 to June 2022. Some of the existing cryptocurrencies exchanges in Thailand are Bitkub, Binance, Bitazza and Huobi.

Cryptocurrencies's rising popularity in Thailand

Thailand’s Halal 4.0 journey: Tech and blockchain to play crucial role in ensuring product integrity – Dec 2022

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 to pilot retail CBDC by the end of 2022 – Aug 2022

The Bank of Thailand (BOT) announced on Friday that it would begin a pilot study of a retail central bank cryptocurrency (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.”

Thai SEC approves four cryptocurrencies firms despite Zipmex woesAug 2022

The Thai SEC has approved four more cryptocurrencies exchanges and brokerage, while Zipmex withdrawals remain suspended aside from a couple of coins.

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