Thailand was one of the nations to initially impose a ban on the use of cryptocurrencies, before permitting it with regulations in place. The Thai Securities and Exchange Commission [SEC] clarified that crypto-exchanges must seek approval from Thailand’s SEC and also provided an approved list of cryptocurrencies for the crypto-community. The list included Bitcoin [BTC], Ethereum [ETH], XRP, and Stellar Lumens [XLM].
Achari Suppiroj, Director of the FinTech Department at the Thai Securities and Exchange Commission [SEC], revealed more facts about the country’s outlook towards crypto at Ripple’s Regionals Event held in Bangkok recently.
Achari noted that the decision behind banning crypto by the Bank of Thailand [BoT] was never permanent. She stated,
“We were already working with the BoT and other relevant agencies to craft really comprehensive law to govern this space. But there were a lot of concerns about scams. People were using blockchain and other cool words to con people.”
She highlighted that the country came up with a framework and classified ‘virtual currencies as digital assets’ within three months. However, BoT’s Thammarak Moenjak accepted that they were unsure about the regulations. He said,
“Like most central banks, we kept quiet about digital assets other than warning consumers not to fall for scams. But we also want to encourage banks and tech firms to help alleviate pain points in the system. The issues around digital assets were becoming too important, so we sat down with the other agencies.”
On the flip side, Achari also agreed that previously, ICO projects were duping people, impacting the market a lot and was risky for investors. However, the country is now working towards maintaining a balance between innovations and protecting the investors. She added,
“Previously, anyone could ask people to invest in exchange for project tokens. Now only companies under Thai law can issue ICOs and they are screened by ICO portals, which are like financial advisors that ensure there is a solid business plan and then recommends it for SEC approval.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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