COVID-19: No Hindrance to Thailand’s Crypto Plans

Despite the COVID-19 outbreak, Thailand pushed through with the launch of Huobi Thailand in March

The steady spread of the coronavirus across the world did not stop Huobi launching Huobi Thailand in early March.

Huobi is a digital asset exchange platform that is headquartered in Singapore, acting as a fiat gateway to Bitcoin (BTC), Ethereum (ETH), Huobi Token (HT), and Tether (USDT). More options are expected in the future.

Ciara Sun, the VP of Global Business at Huobi Group, stated that the goal of the company is to “help create an equitable world where wealth is more inclusive and attainable to anyone, anywhere.”

Sun continued in her statement to claim that the Thailand launch puts them a step closer to their goal, marking a new milestone in its global expansion.

Last 2019, the local Ministry of Finance awarded Huobi a Digital Asset License. Months later, it was cleared for operations by the Thailand Securities and Exchange Commission.

Thailand is one of a handful of countries around the world that have taken an enthusiastic approach to digital currencies. It is one of the few countries in which cryptocurrencies are officially recognised. Their positive reception is due to their belief that these businesses will contribute significantly to their economy by providing opportunities for employment in the future.

Despite the launch, many still remain cautious due to the increased volatility of cryptocurrencies in the backdrop of the coronavirus pandemic. Bitcoin, the single biggest cryptocurrency, has experienced notable double-digit falls between February and March.

Cryptocurrencies were created with the goal of providing stability during times of economic uncertainty. Indeed, some elements do contribute to this endeavour. Digital currencies are available for trade around the clock, and experts argue that this means they are less exposed to volatility over the weekend.  However, the current circumstances have led others to express their doubts over the capacity of cryptocurrency to stabilise.

Thai authorities are clearly sticking to their commitment to welcome digital currencies. There are more changes expected and the government has yet to fully disclose these plans. Whether the coronavirus has had a long-term impact on the trajectory of their plan, or on the future of cryptocurrency, remains to be seen.