Binance updates its portfolio and enables the option to buy and sell cryptocurrencies using the official currency of Thailand, the Baht.
Binance, the world’s largest and most popular cryptocurrency exchange house, recently announced that it was excited to enable the option of using the official currency of Thailand among the services with cryptocurrencies.
According to this information, Thai users or anyone who has money in Baht, can use the platform to buy cryptocurrencies. They can also sell their digital currencies for this fiat currency.
Satang Corporation was the company responsible for allowing the use of Thai currency on the Binance platform. The company is considered the largest exchange house in the country. To establish a positive stance in terms of blockchain technology, it helped establish this commercial alliance with Binance so that this initiative can be possible and boost the use of digital currencies in Thailand.
Thanks to this cooperation agreement between the two companies, the moment was taken to launch the new API Portal technology from Satang. This will allow all users to use Thai money so that, through Binance’s platform, they can buy any digital currency in the market.
The passage of this new Thai development technology will open the doors for national users so they can access a global cryptocurrency market. This technology is considered the first of its kind in the country and will facilitate the management of blockchain users.
Poramin Insom, who is CEO of Satang and creator of Zcoin, commented that he feels stunned by the alliance with Binance. At the same time, he sees this technology as tremendously positive for the growth of the economy in Thailand.
“We are proud to collaborate with Binance to bring digital assets to the masses in Thailand and advance Thailand’s digital economy. This marks a remarkable development in Thailand’s digital asset ecosystem and focuses on the technology that drives space, not only as an alternative to fiat currency”, he concluded.
Thailand Opens Its Doors to the Crypto-Industry
This powerful alliance between Binance and Satang is part of a whole government and national policy that sees blockchain technology as an important step towards the economy of the future.
According to data from national statistics sources, in Thailand, 74% of the population has access to the Internet, which is considered one of the highest figures in the world. With a view to a more advanced society, there are national policies that encourage the disappearance of cash and that, in turn, reinforce the digital use initiatives for the economy.
This technology is considered as a way of being at the forefront in the world. In the last quarter of the year, some legislators proposed to carry out a reform to the laws that are around cryptocurrencies. The purpose is to establish a solid and competitive market with the rest of the world.
Besides, representatives of the Thai Securities and Exchange Commission commented that they are reevaluating their opinions and policies related to cryptocurrencies for this new year 2020. Among the things will be the restrictions that the new companies related to these technologies must be overcome to remain operational and growing.
Regarding this, Ruenvadee Suwanmongkol, who is the Secretary General of the Securities and Exchange Commission, said in November 2019 that they should be more flexible to ensure a better environment within the market.
“The regulatory body must be flexible to apply the rules and regulations in line with the market environment”.
This announcement that the use of Baht on the Binance platform would be enabled indicates that this year 2020 could bring good news for the cryptocurrency market in the country.
By María Rodríguez