Cryptocurrency Risk, Trust, and Acceptance in Thailand: A Comparative Study with Switzerland

TL;DR

This study compares cryptocurrency acceptance, trust, and risk perceptions in Thailand and Switzerland, highlighting Thailand's rapid digital wallet adoption amid limited understanding of Web 3.0 technologies.

Contribution

It provides a comparative analysis of digital currency adoption and trust factors in Thailand and Switzerland, emphasizing the knowledge gap and regulatory challenges in Thailand.

Findings

Thailand has over 40 million digital wallet users during COVID-19.

Limited understanding of decentralized technologies in Thailand.

Regulatory frameworks for Web 3.0 are still developing.

Abstract

The adoption of the Pao Tang digital wallet in Thailand, promoted under the Khon la Krueng (50-50 Co-Payment) Scheme, illustrates Thailand's receptiveness to digital financial instruments, amassing over 40 million users in just three years during the COVID-19 social distancing era. Nevertheless, acceptance of this platform does not confirm a broad understanding of cryptocurrencies and Web 3.0 technologies in the region. Through a mix of documentary research, online surveys and a targeted interview with the Pao Tang app's founder, this study evaluates the factors behind the Pao Tang platform's success and contrasts it with digital practices in Switzerland. Preliminary outcomes reveal a pronounced knowledge gap in Thailand regarding decentralized technologies. With regulatory frameworks for Web 3.0 and digital currencies still nascent, this research underscores the need for further exploration, serving as a blueprint for shaping strategies, policies, and awareness campaigns in both countries.