Thailand Proves Crypto Can Win Adoption Even in Military Dictatorships

Since May 2014, Thailand has been under the control of a military dictatorship.

While Thailand's earlier history with crypto might confirm this assumption, more recent months have provided a case study in how blockchain and cryptocurrencies can find a place even within rigidly authoritarian political structures.

Much can happen in crypto in a single year, and nothing proves this more than the progress Thailand has made in fostering a crypto-friendly environment.

Together with Bangkok Bank's previous action, this struck an ominous note for the cryptocurrency industry in Thailand, particularly when TDAX decided to cease new ICO registrations, for fear that Initial Coin Offerings were responsible, more than anything else, for turning the Thai government against crypto.

His allusion to regulators revealed that Thailand's emerging approach to crypto wouldn't involve banning it outright, but rather ensuring that it operated within a context in which consumers and the wider Thai economy were protected.

In conjunction with the fact that both Turkey and Argentina have been suffering from serious inflation this year, such figures offer a vivid indication of how big crypto is in Thailand, and how foolish the Thai government would have been to attempt a full crackdown.

The central bank hasn't been the only part of the Thai establishment to explore crypto and blockchain in recent months.

There is a big opening up in Thailand towards crypto and the economic opportunities it provides.

Even if there is now a process of partial liberalization underway in the military-controlled nation, the crypto industry should be under no illusion that the Thai government is still anything but highly cautious when it comes to cryptocurrencies.

Plans to hold a general election next year - as well as the Thai government's slow-and-steady approach to legislation - do at least suggest that there is an increasingly assured place for the crypto community to do business in Thailand, so long as they stick obediently to the rules.