Thailand has become one of the first countries in Southeast Asia where businesses are open to using cryptocurrencies as payment. Last year, the country’s Securities and Exchange Commission (SEC) began issuing licenses for crypto exchanges, in a sign of positive sentiment toward digital assets and currencies.
According to a report by Tron Weekly, a dental clinic in Thailand now accepts mobile-based cryptocurrency Electroneum (ETN) as a form of payment. The clinic claims to be “the first dental clinic in Thailand to accept Electroneum,” according to a tweet by Dr. Suchat Thongwimolpan, the dentist and crypto enthusiast who operates the clinic.
Blockchain and cryptocurrencies, although generally accepted as innovative technologies with the potential to revolutionize global digital development in the near future, have faced hurdles preventing its adoption in many countries.
However, Southeast Asian countries are paving the way for the technology’s use cases, as seen in instances of positive lawmaking decisions. Regulators in the region are reportedly studying the possibilities and potentials that can be explored with blockchain and virtual currencies, as well as how to capitalize on the technologies.
Thailand has indicated that it is more open to crypto-related businesses, as its financial markets regulator, the SEC, has approved four cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Stellar (XLM).
The regulations — initially meant to prevent scams after the emergence of several dubious initial coin offerings (ICOs) — are constantly being revised in response to the trends in the crypto industry.
The advantages of using cryptocurrencies are gaining recognition, and all eyes are turning to the region for the latest movements in the ever-developing cryptosphere.
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