Ethereum founder Vitalik Buterin is meeting with officials at Thailand’s Securities Exchange Commission to discuss the future of his platform and the OmiseGo token.
Thailand’s regulatory bodies are being very progressive in exploring both the regulation and utility of cryptocurrencies. The meeting with Buterin represents another step forward for the developing nation.
In September of 2017, the Thai SEC made a statement recognizing the potential for startups and existing businesses to fund projects using initial coin offerings. Many other international regulatory bodies are actively expressing their ideas on cryptocurrency publicly. Specifically the United States, Russia, Malaysia, Singapore, the United Kingdom and China.
Thailand isn’t just into what’s happening with coins. The country is also focusing its efforts towards putting mail delivery, logistics and institutional investing on the blockchain.
Over a billion Thai Bhatt is going towards a decentralization project for The State Railway of Thailand.
Furthermore, blockchain companies are flooding the Stock Exchange of Thailand with applications hoping to access public funding while the industry continues to boom.
Customer data for Thailand’s mail delivery service, the Thai Post, is already on the blockchain.
The Ethereum and OmiseGO communities are working together to deal with scaling issues. The goal is to make Thailand’s national payment and Know Your Client systems more efficient.
Scaling is a big issues in the crypto world. Ethereum’s challenges are making headline news on a regular basis, with the wildly popular CryptoKitties platform standing as the most glaring example.
CryptoKitties’ $12 million in sales in 2017 is pennies in comparison to managing Thailand’s economic and privacy infrastructure.
Thailand’s Gross Domestic Product is growing faster than it has at any point over the last five years. The country’s current economic output is valued at north of $437 billion US according to the International Monetary Fund.
Crypto enthusiasts, developers and governments alike all clearly understand there is a lot of work to be done in order for blockchain technology to help make the world a more efficient and secure place. It’s clear Buterin, Thailand’s government and the team at OmiseGO recognize that.
Featured image from Twitter/@JUN_Omise.
Last modified: March 4, 2021 5:05 PM