Binance, the exchange largest in the world, announced that is already enabled for a channel fiat for the thai Baht. This means that now the users of the platform can use the official currency of Thailand to buy cryptocurrencies. The Baht reached Binance is thanks to the alliance of the platform with Satang Corporation, the leading home exchange regulated in the country. In addition, it is considered in the forefront of the development of technology Blockchain in Thailand. The alliance between both companies came thanks to the launch of a new technology: the API Portal Satang. This is the one that makes it possible for users to be able to withdraw and deposit thai Baht directly from their accounts of Binance. This technology, in addition to being the first of its kind in the region, gives users a better management of the risk of transfer of assets while experiencing a global market. The CEO and co-founder of Satang, Poramin Insom, who is also the creator of Zcoin, stated that: “We are proud to partner with Binance to bring digital assets to the masses in Thailand and advance the digital economy of Thailand. This marks a notable development in the ecosystem of digital assets in Thailand and focuses on the technology that drives the space, not only as an alternative to fiat currency”.
Industry cryptographic advances quickly in Thailand
However, the whole plan of Binance and Satang Corporation would not have a real success if in Thailand are not they are taking great strides to enhance the industry’s cryptographic. With more than 74% of its population with access to the Internet, one of the highest proportions in the world, the country aims to become a cashless society. Therefore, are giving greater importance to digital services, such as personal loans and banking applications for mobile phones. Also for this reason, in November of last year, local legislators made sure that there was a need for reform in their laws related to the cryptocurrencies. All of this in pro of maintaining a competitive position in this market. In fact, the Securities and exchange Commission of the country you want to reconsider their policies related to the cryptocurrencies for this 2020. One of the main points to take into account are the restrictions or obstacles that new enterprises of the industry must overcome in the country. Even the Secretary General of this body, Ruenvadee Suwanmongkol, was delivered in November regarding this issue: “The regulator should be flexible in order to apply the rules and regulations in line with the market environment”. The announcement of Binance may imply that the 2020 is starting with the right foot for Thailand and its industry cryptographic. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.