Thailand was among the first few countries to legalize cryptocurrency in the market. However, the latest developments indicate that it will take a very long time until we will see national crypto assets coming from any stable economies. The volatility of the bitcoin and the risks associated with it might be the factors that have resulted in Thailand to take cautious steps.
Currently, the bitcoin appeal has toned down a bit after the major plunge this year. Few countries are hesitating to trade in cryptocurrency after realizing the risks involved and are reconsidering their decisions in regards to virtual currency. The recent report suggests that the governor of the Bank of Thailand, Veerathai Santiprabhob, revealed that the big switch to cryptocurrency will not occur within the next three to five years.
The banker pointed out that the concept of cryptocurrency is complicated and the developing countries must be well prepared to deal with it. He further argued that efficient technology is essential to trade in the crypto market and many countries are not fully equipped.
The Big Switch To Cryptocurrency Might Take Years
Citing these reasons, Thailand is not willing to introduce national cryptocurrency to the public and only plans to test digital currency for payment settlements between financial institutions. Its pilot intrabank systems will likely reach full implementation during the first quarter of next year, according to the Bank of Thailand governor, as reported in Bitcoin News.
Meanwhile, Thai SEC pointed out that it had not officially endorsed Q Exchange, a joint Thai and South Korean venture, within the framework of its new cryptocurrency laws. “The SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator,” as reported in Cointelegraph. Overall, the regulators are warning the public about the possible risks involved in the crypto exchange market.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]