Crypto Cafes Appear In Thailand Taking Advantage Of Crypto Fever

A cafe can be turned into a crypto cafe if it generates a lot of information about cryptocurrencies. (photo: doc. unsplash)

JAKARTA - A cafe in northeastern Thailand has become home to cryptocurrency brokers, adding multiple screens showing the latest market movements and providing investment advice as well as serving coffee and cake.

Behind the serene exterior of cherry blossom trees, HIP Coffee & Restaurant customers stare at their laptops, nervously sipping on iced coffee - part of a surge in interest in digital assets in Thailand that has regulators even more worried.

“It's great for me to be here because I get to meet people who share the same interests,” said Detnarong Satianphut, a 35-year-old crypto trader.

"We (brokers) can exchange information because in the trading world we are dealing with millions of people."

Cryptocurrencies have been gaining momentum in Thailand, with digital assets totaling 251 billion baht (IDR 109 trillion) traded in November, according to the latest official data.

Earlier this month, Thailand said it would begin regulating the use of digital assets as payments, warning of potential risks to financial stability and the economic system as a whole.

The HIP cafe, which has been around since 2013, got a crypto makeover in 2020. Since then, according to the staff, its customers have multiplied. The manager of Oakkharawat Yongsakuljinda said the cafe provided an alternative investment opportunity for people around Nakhon Ratchasima province.

They offer free investment consulting and plan to start their own cryptocurrency coin.

Its customers say trading in the cafe offers them the best chance of success in a volatile market, where the most popular cryptocurrency, bitcoin, hit six-month lows this week.

"Having so many screens helps a lot... We quickly found out and analyzed the factors that broke down and whether we should buy," said 23-year-old trader Apakon Putnok.