Crypto in Thailand - Tell me about Crypto in your home country and win 10 Leo!

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Thailand. Land of smiles. Golden beaches. Delicious food and...

HOME OF CRYPTO CRAZY PEOPLE!

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Bitcoin was actually banned here in 2016 (a very soft ban!) but then in 2019, they put some quite light legislation in place, licensed a limited number of exchanges and limited the number of coins that could officially be traded and BOOOOOM!

Now, as well as being number 1 in the world for mobile banking, we are number 2 for internet users who hold crypto with a quite impressive 9.9%!

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This point was hammered home to me last weekend as we sat with some friends in a restaurant and I mentioned Bitcoin as we discussed ways to pay, then suddenly, three of the 4 ladies at the table (all over 40!!) pulled out their phones and started checking the current prices using Binance! To say I was surprised was an understatement although they did see it more as a gamble rather than serious investment tool, they had still taken the risk and were both hodling and trading!

I shouldn't have been so surprised in retrospect, Thais love to gamble and they love to make money and as gambling is illegal here, perhaps Crypto trading is the next best thing!

We have 12 or 13 licensed exchanges here so buying and selling is easy although they do seem to prefer Binance to the local exchanges. My personal choice is www.coins.co.th which is simply a Bitcoin portal which although not the cheapest way to buy and sell, its quick, reliable and their helpdesk is live and on the ball.

A full list of legal exchanges can be found here

Cashing out is easy, either I walk into the bank and give them a PIN for which they give me cash in return, or I can send directly to my bank account, or I can get a PINLESS ATM withdrawal or have cash sent to top up my Shopee pre-paid MasterCard account. Takes less than an hour! It's great and gives Crypto absolute utility for everyday use.

Thailand has taken quite a sensible approach to Crypto in my opinion and in a country that has taken to all forms of mobile finance so readily, the rise of Crypto to becoming an everyday part of people's financial life cannot be stopped!

So, the Competition....

All you need to do is write me a decent post about Crypto in your country. Tell us about the exchanges, the legality, what problems (if any) you face and I will announce the winners next week. I'll drop a minimum of 10 Leo for the winner, and if there are a lot of decent posts, I'll sort out some runners-up prizes of Leo and HBI shares too!

Best wishes and thanks for reading. I look forward to seeing your posts!

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In my country (Spain) they have been warning about the tax pressure that they are going to impose on people who own cryptocurrencies. The truth is that in my country the monetary policy has been disastrous, rescued by the BCE (Central European Bank) and by the CE (European Commission) warning us about our possible subsequent crises (at least they warn of a near danger). Since 2020 they began to convey that "FEAR" to people so that those who try to hide information will be punished with surreal fines, well first prove my holdings, my ledger does not identify me fiscally and I have a thousand ways to use my money through foreign accounts, if they ask I will tell them that I was on vacation. The government says that they're creating such an organism that regulates and controls this type of activity. In December of this 2021 anyone who has more than 49,999 euros in "value" of cryptocurrencies in an exchange will have the obligation to declare it or will be penalized. On December 29, many of those who still have something left in the exchanges will have already transferred their tokens in order to comply with the law on that date, after who knows what will happen, what I have very clear is that at the moment in which I give them information I will have them chasing me back all the years. We need to fly away from that controlled system.

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This is quite interesting, am from Nigeria and am glad to say the little I know about crypto in my country.

When crypto came to abduction in Nigeria, most people started joining crypto but then Nigerian government ban crypto because they said crypto currency was devauling the Naira which is the currency been used here.

So it was banned meaning users can own crypto but cannot use Naira to buy crypto but can have crypto in our wallet but cannot transact or convert crypto to naira or naira to crypto.

During this time, Nigerians have always been among the top three users making use of crypto currency in the world to exchange money to send or transact to each other.

https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/

Nigerian government thought that the ban would be able to stop Nigerians from using crypto currency in Nigeria but rather it was even a success for people to use and also invest in it and we have more people joining the crypto currency daily.

Now since the ban was placed, Nigerians now use what we call 'ptp' which means pair to pair in binance which is used for exchange of crypto which is useful and helpful for Nigerians to convert their crypto to their local currency which is the Naira.

Though the 'ptp' is not only used on binance we have other crypto account like remitano and the likes Where ptp can be used but it's mainly used on binance which is well known by most people.

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Thanks for this. It's exactly what I wanted to read. So you move it to Binance, then to Remitano and then cash out? How exactly do you get from the ptp to the hard cash in your hand? Through a bank or do you rely on illegal crypto brokers?

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Remitano is another alternative if you don't want to use binance. To cashout your money in hand we move the coin to binance then use the 'ptp' in the binance platform to cash it out because there will be someone willing to give you cash then you sell your coin to the person.

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