The Future is Here: What Thailand Can Learn From South Korea and Japan in Issuing Its Own Cryptocurrency

Bernard Obiechina
Sep 5, 2018 · 3 min read

Last week, Gyeongsang, a province of South Korea, announced the issuance of its own cryptocurrency to replace local currencies. According to JoongAng ILbo, a South Korean daily newspaper, Gyeongsang will be obtaining a cryptocurrency and will be naming it, Gyeongbuk coin. However, the idea was that Gyeongbuk coin will develop business activities by easing money transactions in the province with a population of 3.3 million people. Although, the province’s authorities are concerned of the technicalities involved in using the technology, they believe that the platform will be beneficial to the traders.

Just until recently has Rakuten, Japanese e-commerce giant, announced the launching of its cryptocurrency exchange, Everybody’s Bitcoin, through its subsidiary, Rakuten Card Co., Ltd. In a report, the acquisition of the crypto exchange is budgeted at the sum of 265 million JPY (78 million THB). Rakuten believes that Everybody’s Bitcoin will advance its internal systems in managing foreign exchange users after obtaining license from the Japan’s NPA. Prior to the announcement, the company had demonstrated its interested in considering entry into the cryptocurrency.

In the process of assuring safety use of cryptocurrency, in a report last week, the Japan’s National Police Agency (NPA), plans to device new software that could oversee crypto transactions in the country. Despite huge budget to acquiring the software, the NPA has made the protection of businesses top priority against cryptocurrency illicit activities.

Bangkok, the economic hub of Thailand, could utilize this opportunity to facilitate its business operations by acquiring its own cryptocurrency. The idea to acquire cryptocurrency is not only centered on the easiness of money transactions, but the security attached to conducting businesses using the technology. Following recent developments in the cryptocurrency industry, Thailand’s Security and Exchange Commission (SEC) announced two months ago about the regulations for initial coin offerings (ICOs), dedicated to making sure that firms issuing coins in the country have obtained license.

These developments suggest utmost protection of customers and businesses in the cryptocurrency industry. The platform is secured to assists businesses, and to monitor any illicit activity of any kind. It is obvious that cryptocurrency is safer, faster and reliable in trading online. Having witnessed the rate of digital transformation in recent times, a crypto exchange firm has been established to offer crypto exchange services to online traders in conducting their businesses.

The interest of South Korea and Japan in the cryptocurrency industry is an addition to a better future the technology promises.

Thinking futuristically is the mind of a 21st century thinker, and people should awake to this call.

Bitkub.com

www.bitkub.com

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