Thailand appears to be waking up to the world of digital currency in a novel way. Reports state that the country’s ruling Pheu Thai party is in consultation with the Bank of Thailand to develop an airdrop to deliver 10,000 Baht ($285) to every citizen aged 16 and over. Such plans would involve a blockchain-based infrastructure, supported by a Know-Your-Customer (KYC) system. Yet, this enticing prospect carries some restrictions. The tokens cannot be converted into cash or used for debt repayment, can only be spent within four kilometers of the user’s residence, and will be valid for only six months. And let’s not forget, the implementation of this concept requires the nod from Thailand’s Securities and Exchange Commission.
While Thailand is taking innovative steps towards blockchain adoption, South Korean Bitcoin lender, Delio, is experiencing a more turbulent path. Reports reveal that Delio, currently holding over $1.2 billion in Bitcoin and Ether, is predicting a recovery rate of only 50-70% on its assets. The company’s journey has run into obstacles, including a suspension of deposits and withdrawals, allegations of embezzlement, fraud, and breach of trust from regulatory authorities which are having a profound effect on Delio’s stability.
Meanwhile, Vietnam has emerged as the world’s leading country in terms of crypto adoption, with nearly a fifth of its adult population reportedly using digital assets. Attributed to this are the country’s burgeoning 200 blockchain projects that are expected to generate $109.4 million in revenue in exchanges this year. Contrarily, in Japan, crypto exchange Binance is fighting against challenging market conditions and planning to list 100 digital assets to bolster its position.
Thus, the Asian crypto market presents a rich tapestry of actions and reactions. As blockchain adoption accelerates in some areas, others face challenges. There may be mountains to climb, both operationally and legislatively, but as these countries are learning, the prospects offered by digital currency are too significant to ignore. Let’s hope, they can avoid the precipice of trials faced by firms like Delio and navigate towards the promising future embodied by Vietnam’s success.
Source: Cointelegraph
