Cryptocurrency has become a trending topic in Thailand since Jaymart’s ICO (Initial Coin Offering) has made an announcement to the public that they need to raise 660 million baht. The funds raised will be used to develop a digital loaning platform using blockchain technology.
Charl Kengchon, from Kasikorn’s Research Centre, explains that in Thailand it is the decentralized cryptocurrencies such as Bitcoin that are most popular. He adds that “cryptocurrencies are regarded as an innovation for mobilizing public funds”, however companies wanting to mobilize public funds need to provide the public with reliable data and investors need to be aware that there are no rules or regulations on ICO’s.
In order for cryptocurrencies to be used as a medium of exchange they need to be low cost and have price stability. However, there have been many accounts of Bitcoin’s unstable nature.Decentralized cryptocurrencies lose their value without regulatory framework. Blockchain technology on the other hand, Charl mentions, “increases security” and is low cost having the adaptability of being applied to multiple financial activities.
For more information on Bitcoin and its impact in Thailand, watch ThaiLawForum’s interview with Live Trading News.
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