A cafe in the northeastern corner of Thailand has become a meeting point for cryptocurrency traders, according to Reuters reported on Jan. 30.
A large display screen capable of showing the latest cryptocurrency market developments has also been added to the cafe called HIP Coffee & Restaurant.
One of the clients, 23-year-old trader Apakon Putnok, said that:
“Having so many screens helps a lot … We immediately know and get to analyze crashing factors and whether we should buy.”
It is reported that in November last year, the transaction volume of digital assets in Thailand was as high as 251 billion baht (7.62 billion US dollars).
The café, which underwent a crypto makeover in 2020, allows traders from all over the world to offer investment advice alongside coffee and cake, offering alternative investment opportunities to those in the surrounding area.
People can receive free investment advice here and launch their own cryptos under the instructions.
Detnarong Satianphut, a 35-year-old cryptocurrency trader, said that:
“It’s exciting for me to be here because I get to meet people who share the same interests, We (traders) get to exchange information because in the trading world we are coming up against millions of people.”
As reported by Blockchain.News on January 27, Thailand’s top regulators have issued a statement to regulate cryptocurrencies as a means of payment. It warns of potential risks to financial stability and the broader economic system.
Thailand central bank in its statement said that it expects to test its retail central bank digital currency (CBDC) late this year than earlier planned. Digital currency will act as an alternative payment option.