Bitcoin Potential in ASEAN Economic Community (AEC). Southeast Asia sprints toward economic unification with the highly anticipated Asean Economic Community (AEC) having started just now (2015-2016). There is little in the way of monetary policy that binds its respective member countries together. However, many entrepreneurs think, that since there is a lack of a single legal tender, there is a new system that could make cross-border exchanges cheaper and easier than ever – digital currency. And it could be the contentious virtual tender known as bitcoin that provides the answer. If it can jump the regulatory hurdles, bitcoin technology could dramatically change the way that remittance takes place by reducing costs and transaction time.

Bitcoin Situation Today in the 10 ASEAN Nations

Bitcoin Situation Today in the 10 ASEAN NationsBitcoin has the potential to impact Southeast Asia given the large swathes of people who do not have access to banking services and the large market for remittances. While the Bitcoin landscape is largely underdeveloped, the Philippines, Indonesia, and Vietnam are countries that hold more promise given the favorable markets and progress made in their Bitcoin ecosystems. They are also the three largest countries in Southeast Asia by population size. The Philippines is taking the lead in terms of how well the Bitcoin ecosystem is developing. The Philippines has a significant number of exchanges run by professional teams and has notable merchants accepting Bitcoin. Indonesia’s and Vietnam’s Bitcoin ecosystems are starting to develop as well, and similar to the Philippines, they have a large market that would benefit from Bitcoin as an alternative payments, remittances, and banking tool.

Demand for Cryptocurrency Rising in 2016

Demand for Cryptocurrency Rising in 2016The growth of e-commerce, money transfer and micropayment industries is creating greater demand for cryptocurrencies, as individuals and businesses look for safer, easier and more cost-effective ways to complete cross-border transactions. Among the largest and most reputable businesses to accept bitcoin are Microsoft, Wikipedia, PayPal and Expedia, signaling that the cryptocurrency phenomenon is here to stay. Increased demand for cryptocurrency, combined with its potential to cut down transaction costs, is likely to keep the price of bitcoin above $400 in 2016. Bitcoin is expected to account for a growing share of the global e-commerce and remittance ecosystem over the next 10 years.

– Bitcoin in Brunei
– Bitcoin in Cambodia
– Bitcoin in Indonesia
– Bitcoin in Laos
– Bitcoin in Malaysia
– Bitcoin in Myanmar
– Bitcoin in Philippines
– Bitcoin in Singapore
– Bitcoin in Thailand
– Bitcoin in Vietnam