BGTH 2023 Recap: “Banking on Blockchain” -

Invite your friends who may have missed the special seminar at Blockchain Genesis, Thailand Blockchain Week 2023, and read an easy summary on the topic ‘The Entry of Financial Institutions into the Digital World’ by Tanawat Sutuntivorakoon, Group Head of Corporate Affairs at Bitazza. The writeup contains interesting and useful details. Go ahead and read it!

The Bitcoin ETF applications are of interest to many who are wondering if the U.S. SEC will approve it or not? This is significant for Bitcoin’s market price. Although the decision has been postponed to January, investors have already set their hopes on Bitcoin’s price action. In January, there’s a chance that the U.S. SEC might approve BlackRock’s application, on their record of 576 ETF products, and approved 575 times.

If we consider Bitcoin as gold and Ethereum as oil in the traditional world, with functions like Smart Contracts and the ability to enhance the Application levels, the approval of ETFs would lead to a surge in prices due to increased investor and institutional confidence.

Currently, global financial institutions recognize the benefits of blockchain and crypto technology. Many major banks offer the purchase of blue-chip assets, whether in Thailand, Singapore, or even Switzerland, and integrate blockchain technology into various banking products, including insurance. Many banks are opening their own trading platforms.

Banks will greatly benefit from entering this market now, as they won’t miss the opportunity to meet their customers’ needs. Investors will benefit from increased market competition, leading to lower costs and better services while retaining the same assets.

Regarding concerns about whether crypto will remain decentralized with financial institutions’ involvement, the details are complex. However, it’s certain that no one can cheat, and money can’t be printed without backed assets.

Moreover, the Bank of Thailand is considering the creation of a Central Bank Digital Currency (CBDC), which would be a significant advantage if realized. It would reduce the cost of producing cash and the risks associated with using cash. Using blockchain would add security, as it’s open for everyone to verify.

The future of the crypto world depends on all sectors. Investors themselves must clearly review their portfolios and diversify their risks. Before investing in any asset, they should thoroughly understand the project and the real numbers involved, not just speculate for profit.

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