Thailand is set to introduce a national crypto airdrop program, where every citizen aged 16 and older will receive 10,000 baht ($285). The ruling Pheu Thai party will consult with the Bank of Thailand to develop a blockchain-based infrastructure for the airdrop. The solution will incorporate a Know Your Customer (KYC) verification process, which will require users to pay a 100 baht fee per person. The approval of the country’s Securities and Exchange Commission is also necessary for the implementation of the program. Real estate developer and crypto investor Srettha Thavisin, who was recently elected as Thailand’s prime minister, originally proposed the idea of giving each person 10,000 baht in basic income stimulus via digital currency during his campaign. Funding for the airdrop will come from tax collection in the 2024 fiscal year, with a budget estimate of 560 billion baht ($16 billion). It’s important to note that the digital tokens received through the airdrop can only be spent within four kilometers of one’s residence, and they cannot be converted into cash or used to settle debts.
In South Korea, troubled Bitcoin lender Delio is expecting a recovery rate of only 50% to 70% on its assets, which amount to over $1.2 billion in Bitcoin and Ether. Delio suspended deposits and withdrawals on June 14 due to significant counterparty exposure to another Bitcoin lender, Haru Invest, which was also facing allegations of fraudulent activities and subsequently entered bankruptcy proceedings. Delio is currently under investigation for fraud, embezzlement, and breach of trust. The platform had previously announced its intent to resume withdrawals, but no timeline has been provided.
Vietnam has emerged as a leading country in crypto adoption, with up to 19% of its population between the ages of 18 and 64 using digital assets. The country is home to approximately 200 blockchain projects and is expected to generate $109.4 million in revenue from crypto exchanges this year. The number of crypto users in Vietnam is projected to grow to 12.37 million by 2027. A significant majority of Vietnamese crypto users invest in digital assets based on advice from friends, and nearly 70% believe that the crypto bear market will end within a year or has already ended. Additionally, while centralized exchanges are considered to offer similar utility to decentralized ones by almost half of the respondents, 90% of crypto owners still prefer decentralized exchanges.
Binance Japan has announced plans to list 100 coins and tokens as it expands its domestic operations. The exchange currently offers spot trading and staking “Simple Earn” programs, but margin trading is not available without a regulatory license. Binance’s parent exchange has surpassed 150 million users, with an average daily trading volume of $65 billion. This move comes after Coinbase ceased operations in Japan earlier this year.
The City of Shenzhen in China has pledged 15 million digital yuan ($2.1 million) for municipal airdrops over the next three years. The digital yuan, China’s central bank digital currency (CBDC), has been lauded for its efficiency in consumer transaction receipts through its immutable distributed ledger technology. The Chinese government is actively promoting the use of the digital yuan to stimulate the country’s economy, with cumulative transactions surpassing $123 billion since 2021.
Overall, these developments reflect the growing acceptance and adoption of cryptocurrencies and blockchain technology in East Asia. With countries like Thailand, South Korea, Vietnam, and China embracing digital assets and exploring their potential applications, it is expected that the region will continue to play a significant role in the global crypto industry.
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