The Future of Bitcoin in ASEAN Countries

in #zzan7 months ago


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Compared to other countries, ASEAN countries are indeed quite conservative and cautious in accepting bitcoin. So far, the only country that dares to legalize bitcoin is Singapore. Even then, with a variety of regulations governed by the government.

In your opinion, does bitcoin have a future in ASEAN? Before expressing your opinion in the comments column, let's look at the discussion briefly.

Current Bitcoin Status

Until now, ASEAN countries cannot be said to be friends with bitcoin. The current status of bitcoin in Indonesia, Myanmar, Thailand, Brunei, Cambodia and Laos is legal to trade, but it is still illegal as a means of payment. It means it's safe for us to buy and invest bitcoin, but can't use it as money.

In Singapore itself the status of bitcoin is legal to be traded and accepted as a means of payment. However, business owners who accept payments in crypto will be subject to certain taxes. Another case is in the Philippines where the exchange of the kryptonya is legal but regulated by the central bank.

Still Not Friendly

ASEAN countries are currently considering the best way to deal with crypto currencies. Even though its status is legal to be traded in all ASEAN countries, the central banks of ASEAN countries issued a warning not to trade bitcoin for fear that bitcoin is just a bubble.

Thailand, the Philippines, and Singapore are probably the three countries that are most friendly with bitcoin compared to other countries. Currently Thailand already has regulations related to crypto currencies. The Philippines even uses blockchain technology for the remittance business, which is sending money, especially for Filipino workers abroad. Singapore is even braver by not intervening in the market.

Although at the moment other countries seem to be cautious, it is also possible that other ASEAN countries will learn from the experience of the three countries and begin to open up with bitcoin. In your opinion, if one day bitcoin and other cryptocurrency are legalized in Indonesia, should the government make regulations to limit it? Above to let the market run naturally without intervention?

Jangan Lupa Bahagia

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