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Standard Bank & Shinhan Bank Deep-Dive: Real-Time Settlement & Integrated Foreign Exchange for Tokenized Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW)
Standard Bank & Shinhan Bank Deep-Dive: Real-Time Settlement & Integrated Foreign Exchange for Tokenized Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW)
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I see you punched THB in your device, are you from Thailand?
Thanks! That’s the first time I’ve seen a real possibility, Binance offers some options for THB via the P2P marketplace (transfer only, not Cash options apparently). I might test it out! I just saw Kraken’s announcement that they are rolling out Kraken Pay (and staking is also back). If they work out the geographic restrictions it might be a positive development (only 9 US States are eligible for Kraken Pay at the Launch! 🙄) [https://www.kraken.com/learn/how-to-send-money-internationally](https://www.kraken.com/learn/how-to-send-money-internationally)
I have yet to find an exchange that also functions like Wise for currency conversion. For being ideal as a global medium of exchange it sure is complicated to use with multiple fiat currencies. For example: I’m in Thailand and need to pay fiat for something like a computer or a car… I can’t pay in BTC so I have to move my BTC to an exchange to sell. BUT I can only sell the currency of my connected bank (USD), so then I have to wait a week and transfer the USD to a service like Wise (kudos to Kraken for allowing this direct transfer, saving me the extra step of going to my US bank and then Wise)… But the. In Wise I have to pay conversion fees to switch USD to a THB account, and only after that can I transfer the THB to the seller of the item. Why can’t a BTC exchange combine the service of Wise and cut the process in half as well as the fees. Sell BTC to any fiat I chose and transfer directly to a seller from there! I tried Strike, Crypto App, Revolut, Uphold and Moon Pay, which all claim to offer a few currencies but NONE of them were successful to sign up and none are close to the global reach of Wise. 🤦♂️😕
SOUP token of Tom Yum Swap, TGE is this year and the project looks promising. Swap THB to crypto with ease and no fees. [](https://tomyum.xyz/#call-to-action-waitlist)
Doesn't bother me, I use GBP and THB lol! By the way Thai gold is good to hold 96.5% purity 👍
Bisq, robosats, peachbitcoin or vexl might work best for you. I would even go further, exchange THB to USD/EUR/GBP, using something like Revolut and access the USD/EUR/GBP markets - it might work cheaper. Note: you can buy bitcoin using Revolut but I believe they have way too high fees for that and withdrawal might get a bit difficult.
BinanceTH is only accessible to Thai id card holders. They extended in Thailand because it’s a regulated market with their own tokens that can’t be traded outside of Thailand. Currently you can only trade 3 pairs on the exchange: USDT, BTC, ETH. For all other pairs, you have to go through their Broker, which I assume is Binance international; but they are licensed by the Thai SEC both for exchange and brokerage. Currently they have no fees and BTC price is lower than international - I assume to attract customers. Volume is really low atm, 1BTC and about 275k THB on BTC pair. Ultimately it’s going to be very difficult to compete with Bitkub which is well established.
500 THB - Thai Baht. About $17 USD.
What are the best thai based exchanges to buy and sell BTC with THB? Is [crypto.com](https://crypto.com) running in Thailand (exchange and visa card)? thanks
THB I don't expect people on this subreddit to understand it. Any explanation longer than 30 words is generally skimmed and not actually understood by anyone here. If the cost of a wind turbine is so high, how is it profitable when for the first part of it's life it will have to be turned off, or electricity will have to be sold at negative prices? Negative electricity prices prove you wrong.
I watch it in THB and USD, but more often USD since it's the more stable metric.
Me as well. I have to convert back and forth between BTC, USD and THB.
Under section 341 of the Thailand Criminal Code, a person commits fraud by cheating when he or she obtains property from another person through deception or concealment of a fact. Such a person shall be punished by the imposition of fine not more than THB60,000 or imprisonment of three years or both. I hope it’s longer than 3
> However, the unease started when the retiree couldn’t access 10,000 THB (approximately $284) from his supposed returns. Surely if you’ve already scammed someone $568k, you would be willing to throw them $284 to keep them suckered in?
>The airdrop will use a form of national token, not an existing digital asset or cryptocurrency. Vendors will be able to convert it to cash at designated banks. This project has had its share of critics because of the sheer cost, estimated to be at 500 billion THB ($14.3 billion) and the use of blockchain technology when there are existing digital banking initiatives already in use in Thailand. This is some fascinating stuff, Asia is really endorsing Crypto, while the US is doing everything they can to run it offshore. It will be interesting watching how this shift will play out in the next few years.
The pilot achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW) in a test environment that aligns to current production capabilities. The PoC is EVM-compatible, meaning that any EVM-based stablecoin issuers can participate using the framework going forward.
They can try, but it's not that easy to ditch the USD given how dominant it is. Similar programs have been set up around South East Asia, but most market participants prefer to use USD/xxx e.g USD/THB rather than xxx/yyy i.e THB/IDR. Old habits die hard.
"The Chinese man negotiated that down to THB1 million instead, which sounds about right for your typical police encounter" Negotiating down the price of your abduction because it's the police who did it. Nice.
THB, I almost lost hope in the US. Too much corruption and old duck at power
Costly, slow, and full of hassles. Just exchanging between asian currencies have already been a hassle THB, SGD, INR, PHP, HKD, what more with exchanging from other continents.
Yes it is. Just like the AUD, CAD, EUR, NZD, VND, THB.... ...Oh, and the leader of the pack is from Zimbabwe
Before I answer that question could you elaborate on what you think the use case is and why its realistic when, I guess you think Bitcoin is not? XRP and Xcurrent are just financial tools for systems that already exist what's really the point? My wife is Thai and I send her family money by using AVAX and within 5 minutes of me sending the Avex to their CEX wallet they sell it on the exchange for THB. XRP is a step backwards when BTC solves literally everything XRP wants to, death to banks. Be your own custodian isn't that why most people get into crypto anyway? Actually no most people get into crypto to get rich so they support things like XRP and Celsius(Banks are not your friends LOL)
Absolutely and even sadder than most people don't know this. I got into BTC after discovering the spread to exchange VND into THB was like 20% at the airport. For Christ sake this countries are nearby and can't get a decent exchange rate. And don't get me started with currency controls and travel limits !