Bitcoin use soars almost 600% in Thailand

Coinmotion

21, April, 2021

According to recent estimates by Thailand’s local Securities and Exchange Commission, the use of cryptocurrencies in the country has grown nearly 600% since last November. According to data published by Bloomberg, the total volume of Thai crypto exchanges amounted to $574.5 million dollars back in November. By this year’s February the volume had grown to a whopping $3.96 billion.

While crypto use has clearly surged in exchanges, peer-to-peer trading seems have had a more limited growth. The world’s largest peer-to-peer marketplaces LocalBitcoins and Paxful have only reported volumes growing between 10%-50%. However, estimates on peer-to-peer trading have a much larger margin error than exchange volumes, meaning the true number is far harder to assess.

The explosive growth of crypto use has forced Thai authorities to consider new regulatory legislation and educating citizens on the matter. A tutorial course for crypto users and limiting the exchange of inexperienced users has even been suggested. However, at this time there is no certainty what actions the authorities will take.

Copyright © 2021 Coinmotion

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