4 factors of bitcoin outbreak in Thailand
Thailand has achieved the best composition of bitcoin “ingredients” of success – the large number of foreign tourists, a variety of foreign exchange inflows and technology friendly banks.
So what is the catalyst for bitcoin success in Thailand required?
Highly dependent on Tourism
Thailand is a very suitable for travel and tourism to the country, the country’s annual gross domestic product (GDP) of the (direct and indirect) with more than 19%. More than 25 million tourists to Thailand every year, spending more than $40 billion.
The tourism industry provides over 6% jobs, and the informal sector in a large part of the country’s funds from foreign tourists from tax.
The increase of money changers
In addition to the Thailand baht outside in Thailand, some institutions also accept other foreign currency, such as dollars. However, foreign tourists need to exchange their fiat money into Thai baht for daily use.
There are a lot of foreign exchange booths (especially in Tourism) can convert foreign currency into Thai baht. The use of ATM/ credit card is also an option, but this will lead to additional costs (withdrawal fees, surcharges and foreign exchange).
Bank investment in technology including the blockchain
Thailand banks like other global banks, has increased investment in technology to remain competitive. Thailand Commercial Bank (SiamCommercialBank) under the Standard Chartered Bank (SCBDigitalVentures) is one of the September 2016 RippleB round of financing investment.
The technology budget of Thailand commercial bank has more than doubled, increasing from 7% of last year’s profits to 15% of profits.
The government’s position on bitcoin
Taking into account a variety of foreign currency into Thailand, bitcoin is suitable for Thailand. Bitcoin in Thailand’s success or failure depends on the government of crypto currency attitude.
Thailand’s central bank has in the past (2013) the risk of bitcoin warned users (due to lack of current law), but the encryption currency still continued to flourish.