Privacy coin, Zcoin in a blog post claimed to be the first cryptocurrency that can be used nationwide in Thailand. This news emerged on August 15.
As per the post authored by Ruben Yap, Chief Operating Officer at Zcoin stated that merchants registered through the Thai QR code system via the Santang app could use the cryptocurrency for transactions. Zcoin claims that there are currently 5 million Thai merchants registered on the system.
Talking about the development, Yap outlined –
“Satang App will allow any of the 50 million individuals that are already registered with a Promptpay account to use Zcoin to make day-to-day transactions with local merchants whether it be in-store or online in real-time by simply scanning a QR code.”
The blog post also highlighted the conversion of Zcoin to Thai baht, calling the conversion process “seamless” via the Satang Pro app, which is an approved and regulated exchange platform in the country. The transactions are instantly processed, which enables merchants and users to engage in a timeless exchange.
Furthermore, the blog post addressed the issues they encountered while convincing merchants to adopt crypto transactions. Yap stated that the main hindrance was from the volatile nature of cryptocurrencies and the basic understanding of the system among merchants. The merchants also questioned the fact that only a few individuals might intend to pay via Zcoin.
With respect to the aforementioned issues, Zcoin adopted an already existing payment network, eliminating the tedious process of educating merchants about the functioning of the technology. The firm also seeks to help merchants get more comfortable with the operations, thereby increasing the confidence in the payment method, the post added.
Yap concluded the post by saying that the Thai QR code system will be linked to a similar Singapore-based structure called “PayNow.” In the coming future, this might pave the way for Zcoins adoption not only in Singapore but also in other countries as well.
On July 30, Zcoin announced the launch of their “Sigma privacy protocol.” This protocol provides a ZKP type of privacy using cryptography without a trusted setup. The crypto asset firm stated that after seeing the extensive use of Sigma privacy features, they aim to make Zcoin a “private, uncensorable and free currency.”