Can Bitkub ride out the negative sentiment?

The fine that they imposed on Bitkub is considered very small and a soft step by the government’s gatekeepers. One of the main reasons why Bitkub is still allowed to trade freely is because the government lacks efficient laws to to deal with Bitkub. So we can expect that in the coming months or so, there might be some new gazette announcements of newly written laws or more suitable measures to deal with these kinds of scenarios.

If we leave Bitkub here and carry on discussing about the future of Cryptocurrency in Thailand, we can foresee that the government seems to be very reluctant to put forward or fully support this kind of business. They are instead building up some barricade to protect those who tend to be victimised. If we do not take things for granted, the government has to do the right things and carefully implement any policy with strong caution. We can understand the various constraints and consequences that the government is wary of, particularly when several big elections are approaching — Bangkok governor and general election. More importantly, at the upcoming censure debate the opposition factions might put the government in the hot seat.

 

Lessons learned 

Cryptocurrency is not widely used or legalised. Only the central American country of El Salvador accepts bitcoin for commercial use and as a legal tender. Even without being influenced by Warren Buffett’s critical comments about cryptocurrency, it is evident that the future of digital money is still murky and revolves around those who trust and rely on the digital currency. That is why some critics might often say that it looks like a new kind of cult, in which the cult leaders will try to build up their fame by creating their own currencies. The more popular your currency, the more you gain. A company cannot succeed if the money they create are not accepted or reliable enough to be commercialised in the big markets.

The origin of cryptocurrency, as far as I am concerned, can be…

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