The digital finance sector predicts a resurgence in the digital currency market following China's launch of the "Digital Yuan," attracting major private companies from the U.S. to test the system. Meanwhile, "Facebook" has unveiled the new white paper for "Libra 2.0," indicating that Facebook continues to push forward with its digital currency project despite several partners withdrawing. All of this has reignited interest in the digital currency market among financial circles.

The digital currency market is buzzing once again after the Chinese government introduced the digital currency, or "Digital Yuan," with major U.S. companies like Starbucks, McDonald's, and Subway participating in system testing. At the same time, Facebook announced a new version 2.0 of its "Libra" white paper, reflecting its ongoing commitment to the digital currency initiative, even as many partners have chosen to withdraw. This has led to a renewed interest in the digital currency market.

Additionally, the outbreak of the novel coronavirus, or "COVID-19," has accelerated the shift towards a "cashless society" sooner than anticipated, driven by people's concerns about handling cash and the increasing popularity of online shopping. Thus, in the future, "digital currency" may become a new option for people in the post-COVID world.

"Jirayus Sapsrisopa," the founder of the digital currency trading platform Bitkub.com, stated that after the COVID crisis, the digital currency market will be filled with "excitement" and has significant growth potential. Whether the digital currency market in Thailand can grow will depend on the government's ability to keep pace and relax regulations in line with current developments.

The factors driving the rapid growth of the global digital currency market stem from three main issues: the launch of the Digital Yuan by the Chinese government, which is currently being tested in four major provinces, where the government pays 50% of civil servants' salaries in digital currency and the other 50% in yuan.

The second factor is the launch of "Libra 2.0" by Facebook, which has released a new white paper, with expectations that Libra will be usable by the end of this year.

"If these two currencies are successfully launched, the number of users is expected to cover more than half of the world's population, which should increase awareness of digital currency. Some people may start using it without even realizing it in the next 3-5 years,"

The final factor is the soaring price of Bitcoin, driven by investors speculating on the upcoming Halving news. After May 10, Bitcoin will enter a new era of 6.25 BTC every 10 minutes, as the production of Bitcoin will be halved every four years from the current 12.5 BTC every 10 minutes. This increase in Bitcoin's value has further invigorated the digital currency market, and Bitcoin's movements are cyclical, often reaching new highs every two years.

Overall, investment in the digital currency market in Thailand has continued to grow steadily from the beginning of the year to the present. At Bitkub.com, new account registrations are ongoing, and trading volumes have not significantly changed compared to the pre-COVID period, while the number of new players from both the stock market and gaming industry is increasing.

"In this industry, we conduct everything online, so we have not been affected by the COVID outbreak, which requires social distancing,"

SOURCE : www.bangkokbiznews.com