Posted 2 years ago | by Ben Armstrong
Thailand Looks to Boost Cryptos, May Change Regulations Soon
Thailand is a smart country. The nation avoided major problems when the rest of Southeast Asia was burning in the late 20th century, and it has been in a pole position to capitalize on the wild Asian growth engine of the 21st century.
Now, it looks like Thailand's government is taking preemptive measures to make sure that its nation can take full advantage of the crypto revolution. Although the kingdom did adopt measures to ensure that it had adequate crypto regulations earlier this year, its crypto industry has been hamstrung by unknown issues.
That seems to be changing. Thailand's SEC is working on making it easier to develop crypto businesses.
According to Ruenvadee Suwanmongkol, the secretary-general of the Thai SEC:
"The regulator must be flexible to apply the rules and regulations in line with the market environment.”
Suwanmongkol went on to say that the nation's securities regulator needs to be competitive in the global marketplace, which is probably a very good stance at the moment.
Never Say Never
We have been living in a world where some governments are able to print money (issued as debt), and have the rest of the globe accept these paper promises as proof of future return of capital. Now, it looks like the US-led, Western central bank dominated syndicate is falling apart.
It is no secret that China is dumping its US debt holdings, and the slack is being taken up by staunch US allies like Israel. Of course, this is being spun as some sort of argument for the strength of the US economy, but the reality of the situation could be very different.
Thailand has done a good job at playing nuanced political games in a difficult corner of the the world for a long time, and the latest move by its SEC is probably part of a larger plan to adopt digital currencies while the market is still green, and being ignored by the major players.
Burn it While You Can
In the old days, cash was made of paper. Now it is just numbers in a well guarded computer, and there are a lot of powerful people who are starting to question how viable the Western banking system will be over the next decade.
Bitcoin might be down in the short run, but it isn't nursing a decades' long hangover created by massive overspending, and total abandonment of any semblance of fiscal responsibility. Eventually, the cows will come home, and Thailand will likely be glad it took the time to make tokens a part of its vibrant economy.