Royal Decree regarding Work Permit matters

As per the Royal Decree issued by the Government in March 2018 regarding regulations for issuing of new work permits, foreigners with work permit will be able to work legally in any field, anywhere in the country, for any employer as long as the work being done is not on the list of occupations prohibited to foreigners.

We have obtained an English and a Thai version of the Royal Decree for our members to download. The changes came about via the Emergency Decree on Non-Thais’ Working Management (No.2) (2018) which was passed on March 27 and came into effect on March 28. Section 37 of the Emergency Decree this year annulled Sections 70, 71, 72 and 74 of the former Emergency Decree issued in 2017. 

Download an English version of the Royal Decree
Download a Thai version of the Royal Decree

This implies that a new work permit book will be issued as soon as possible. It has also been informed from the Labour Department that in future the book will finally be replaced by a smart card to fit in your wallet.

For further information you should contact the Labour Department directly.

Thailand prepared to host 8th ACMECS Summit this week

Thailand has prepared to host he 8th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Leaders’ Summit this week, hoping participants will accept the ACMECS Master Plan for fostering connectivity.

The 8th ACMECS Leaders’ Summit will take place this June 14-16 and Prime Minister Gen Prayut Chan-o-cha has pressed that all preparations be made to ensure it goes off smoothly in all dimensions. The hope is that regional leaders attending the summit will validate the ACMECS Master Plan for 2019-2023, making it the first master plan to be signed by ACMECS leaders. The plan focuses on fostering connectivity on basic infrastructure and financial and human resource cooperation regulations.

Leaders are also expected to accept the Bangkok Declaration, a reflection of the political intentions of the five nations of ACMECS. It is believed that the declaration will drive development and benefit the ASEAN grouping.

Director-General of the Department of Information and Ministry of Foreign Affairs Spokesperson Busadee Santipitaks elaborated that the ACMECS Master Plan covers three main areas; seamless connectivity, economic connectivity and financial connectivity. Each area comprises more detailed projects and plan, which will be open to interpretation by the five countries of ACMECS.

Thailand has also invited representatives from international organizations to the summit to bolster its relations with the wider world. Emphasis was placed on the business sector, which Thai organizers view will help bring value to the summit.

Information and Source

Reporter : Itiporn  Lakarnchua Rewriter : Itiporn  Lakarnchua National News Bureau & Public Relations : http://thainews.prd.go.th

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Thailand’s experience of employment generation for the people of lower strata of the Economy

Thailand with per capita income of USD 6000 enjoys very successful employment rate, which is 99%. Thailand also has very successful participation of women in its economy with women forming 64% of total workforce and contributing 50% to the GDP. Thailand achieved this through various interventions to skill the people of Thailand especially those who are not into formal employment. One such intervention is skilling street food vendors. To illustrate this we have taken a model of ready to eat fresh cut fruit sellers and freshly squeezed fruit juice sellers.

Like India, Thailand is abundant producer of fruits. Thailand has very successful mobile fruit carts which primarily serve three purposes (i) part-time employment for fruit sellers (ii) creating additional market for fruit producers, and (iii) encourage healthy eating habits in the society.

Fruit Carts

While there are many types of fruit carts, the above depicted carts are most commonly used in Thailand. Perhaps the one with glass cover may be suitable for Indian conditions considering our foot paths are not yet covered with concrete. We may find nothing new in Thai fruit carts as this practice is there is India also. However, the difference is training of these sellers in maintaining hygienic conditions in and around the cart. Moreover, they do not dirty the place around the cart by throwing the peel.

The fruit sellers bring peeled fruits to market place and cut the fruit into bite size pieces when customer orders. The cut fruit are served in food grade polythene with wooden eating prickers. The fruits covered are pineapple, watermelon, apple, guava, mango, dragon fruit, papaya, chickoo, etc. The quantity sold is standardized and is in the range of Thai baht 10 to 20 (Rs. 20 to 40).

Source: Embassy of India Bangkok

Street Exchange is Going to Launch a CryptoCurrency with  the Power of Blockchain Technology Secured by Cryptography

Street Exchange- launched recently in Bangkok, Thailand- has created an open platform to assess advantages of digital currency and blockchain technology which provides a secure platform for the cryptocurrency investors in conducting peer-to-peer (P2P) crypto trading.

Street Exchange offers a ‘simple’ way to trade that brings people together, backed up by a blockchain wallet and cryptocurrency exchange process. This makes transactions faster, easier, and more secure.

 

Street Exchange plans to expand its operations to the entire South and Southeast Asia, Europe, and the Middle East in the next few years with the goal of becoming one of the biggest exchanges and apex in the league. It seeks to expand geographically, along with the highly traded cryptocurrencies and digital tokens.

 

Jamie Parkinson, Street Exchange CEO, said during the Pre-ICO Sale on April 25, 2018, Street Exchange brings exciting possibilities driven by innovation and disruptive technologies that may be leveraged by those harnessing technology. Street Exchange follows strict KYC and AML standards required by most of the government. All of our customers are allowed to trade only after completion of KYC/ AML documentation approval. This will make Street Exchange the most preferred exchange by people, media, and governments worldwide.

Street Exchange is determined to be the leading crypto P2P platform in the industry. Street Exchange is managed by a highly capable team with a diverse background in fintech, cryptocurrency, trading, and ICO marketing.

Ms. Jana Glenda Ancheta, Street Exchange CMO, highlighted the pre-ICO and ICO benefits to investors.

She noted that Street Exchange is beneficial to anyone who strives to participate in an ICO, including an investors, traders, and crypto professionals. Street Exchange is being supported by a community of recognized advisors, investors, crypto advocates, and blockchain trainers. With their technical expertise, this provides a full-service team that brings the exchange’s vision to become a reality.
Their customer base includes professionals, bankers, investors, start-ups, educators, miners, exchanges, wallets, academicians, existing and/or upcoming cryptocurrencies, ICOs, and enthusiasts from different parts of the world who are wants to invest in cryptocurrency. Street Exchange is a perfect platform to answer the increasing demand for valuable and reliable cryptocurrency from this exciting industry.

Varun Vasista, Street Exchange CTO, stated that Street Exchange’s mission is to perpetuate a shift in crypto trading by promoting effectual technologies and drive a new era of easy and improved cryptocurrency exchanges.
“Street Exchange is designed for those who are seeking to freely trade with each other. The exchange regards financial transactions is simply between two parties and not involving an intermediate exchange,” Varun said.

Pichamon Deesamer, Street Exchange Sales Director, believes that “The cryptocurrency industry has passed the market capitalization mark of $800 billion in December 2017. The whopping amount of circulation makes it evident that a huge chunk of fortune awaits for those who are early adopters. However, there is little understanding of the repercussions of this new disruptive trend and its underlying technology”.
Cryptocurrency refers to a digital or virtual currency that is difficult to fake. It uses cryptography to ensure high standards of security and this currency is immune to any government interference.

Aisawan Prakob, Social Media Manager at Street Exchange said that Street Exchange is marketed by Global Crypto Hub – a Bangkok based cryptocurrency and blockchain event company who hosted the inaugural of Cryptocurrency Expo in Plaza Athenee, Bangkok, Thailand on August 6-7, 2017 and 7 events after that.

All crypto events made a resounding success and were well-received by international and local delegates. Digital currencies and blockchain technology cut across multiple sectors, with the potential to impact everyone from Wall Street to the world’s unbanked and build robust business opportunities.

 

Global Crypto Hub Founder Shahin Noble Pilli is a staunch believer of cryptocurrency and blockchain technology. He noted that “Those who can’t see this wave of change is somewhat similar to the dinosaurs who failed to see the bolt from the blue. Globally, we as a human race, need to create more and cryptocurrency is one crucial step in this direction.”

DPM Somkid lauds arrival of Alibaba

The Deputy Prime Minister for Economic Affairs has welcomed Alibaba Group’s interest in investment in Thailand and voiced confidence that the Thai economy is recovering steadily and should see growth of over 4 percent this year.

Deputy Prime Minister Somkid Jatusripitak remarked at a signing ceremony attended by government agencies and Alibaba Group Executive Chairman Jack Ma, that the timing of Alibaba’s entry into Thailand is appropriate as the Kingdom’s economy is on an uptrend and the government is looking to support SMEs adopting digitization and to reform the agricultural sector.

The DPM lauded Alibaba as a strong and suitable partner for Thailand as it has shown a propensity to elevate low-income earners and its business does not focus too heavily on profit. The company’s business model rates its success on its ability to reduce poverty in China. Somkid said such goals are in line with the administration’s Thailand 4.0 agenda while reiterating his belief that the Thai economy will see growth of over 4 percent this year and that rapid changes will soon take place.

The Alibaba Executive Chairman stated Thailand’s history, tourist attractions, food and public, provide a strong foundation on which the company can build, explaining that it will be using the Internet to direct Thai SMEs towards an operational future expected to be conducted 80 percent online. The executive indicated that China is on track to become the world’s leading buyer in the next five years with annual purchasing power of over 8 trillion USD.

Mr. Ma gave his assessment that a third industrial revolution involving digital technology is approaching in Asia and that his company will use Thailand as a base for sustainable economic development. He said Alibaba plans to be a long term investor in Thailand.

Addressing accusations of unfair competition, the Alibaba chief explained his company always seeks a “Win-Win” outcome in the countries where it does business, pointing out that in Thailand it sees up to three winners; consumers, partners and business operators. He confirmed the company’s intent is to elevate Thai SMEs.

Minister of Commerce Sonthirat Sonthijirawong explained that the government will work with Alibaba to develop human resources in the digital realm and support E-Commerce through the Department of Industrial Promotion, Department of International Trade Promotion and the Alibaba Business School. Thai rice and durian are slated to become major items for sale at Alibaba’s flagship stores to kick start the E-Commerce evolution of Thai products and businesses.

Information and Source

Reporter : Itiporn  Lakarnchua Rewriter : Tarin Angskul National News Bureau & Public Relations : http://thainews.prd.go.th

Thailand produces more than 178,000 vehicles in Feb

Domestic vehicle production expanded 15.37% year-on-year in February to more than 178,000 units, according to the Federation of Thai Industries (FTI).

Surapong Paisitpatnapong, spokesman for the FTI’s Automotive Industry Club, said a total of 178,237 cars were produced in February 2018. The number of vehicles manufactured for export stood at 98,625 units, an increase of 13.33%.

Furthermore, vehicle exports in February rose for the 4th consecutive month to 102,217 units, accounting for a 4.05% increase. Major buyers were Middle Eastern countries, the US, and South America.

Also in February, domestic car sales surged 10.3% to 75,466 vehicles. Surapong cited the Thai economic recovery as the main reason.

Should the trend continue, the spokesperson believes vehicle production will be around 2 million units this year, 1.1 million units for export and 900,000 units for domestic sales.

Information and Source

Reporter : Thammarat Thadaphrom Rewriter : Rodney McNeil National News Bureau & Public Relations : http://thainews.prd.go.th

Marking 25 years of ASEAN-India Partnership

CII / ASEAN-India / Marking 25 years of ASEAN-India Partnership

2017 marked the Silver Jubilee of the ASEAN-India partnership. This long standing  journey was filled with many exciting milestones. India became a full ASEAN dialogue partner in 1996 and in 2012, the two sides marked two decades of partnership. Both India and ASEAN recognize the potential of mutually beneficial policies and are working towards strengthening the bonds that both parties have forged together.

The celebration of 25 years of India-ASEAN partnership promises to establish new milestones in the development journeys of the two sides. India has invited all the ASEAN Heads of State/Government to its National Republic Day, a first for it, and all ten countries have confirmed participation. A high-profile ASEAN-India Business and Investment Meet & Expo is being alongside, which has been described by Hon. Prime Minister as the largest ever such show in India with ASEAN.

The booming economic relations between ASEAN and India are rooted in ancient connectivities and shared civilisational space extending over centuries and influencing both sides positively.

India’s Look East Policy of 1992 transformed into the Act East Policy of 2014 as enunciated by Hon. Prime Minister Narendra Modi. The Act East Policy has seen the Government of India redoubling its efforts to forge closer economic ties with ASEAN nations. Under this forward-thinking initiative, the Government of India has announced plans to revamp connectivity in the North-East states of India as it is considered a ‘gateway’ to ASEAN nations, along with negotiating a series of treaties designed to strengthen ASEAN-India trade ties.

Both ASEAN and India have benefited from close economic ties and recognize the potential for future growth and prosperity. ASEAN-India bilateral trade currently stands at more than US$70 billion. ASEAN and India are working towards reaching US$200 billion in bilateral trade by the year 2022, building on each other’s expertise and trade capabilities. The two sides enjoy a combined GDP of US$3.8 trillion, marking a large consumer market that can benefit both of them.

ASEAN-India trade ties have grown exponentially over the last couple of years. Bilateral trade has increased more than threefold from US$21 billion in 2005-06 to over US$70 billion in 2016-17. Thanks to the ASEAN India Free Trade Agreement (AIFTA), there has been an elimination of tariffs for multiple products, paving the way for future growth. In addition, the two sides have signed an agreement for trade in services and investments which will take their economic engagement to a new level.

ASEAN is India’s 4th largest trading partner, accounting for 10.2 per cent of India’s total trade in 2016-2017. India’s exports to ASEAN increased by more than 20 per cent during the same time. Investment flows too remain robust both ways, with ASEAN accounting for approximately 12.5 per cent of investment flows into India since 2000.

CII and the ASEAN Region

The Confederation of Indian Industry (CII) has worked closely with the Indian Ministry of External Affairs to organize key trade and business summits for strengthening the bond between ASEAN and India. The summits are designed as international platforms for India and ASEAN nations to explore new and existing avenues of cooperation.

CII’s efforts are directed towards bringing together Indian and ASEAN businesses together for fruitful dialogue and partnerships, in the backdrop of trade fairs, seminars, overseas missions, and conferences. As far back as 2004, CII had organised the first ever ASEAN-India Car Rally, which was once again replicated in 2012. These demonstrated the land connectivity between the two sides.

The first ASEAN-India Connectivity Summit, themed “Powering Digital and Physical Linkages” from 11-12 December 2017 in New Delhi, was hosted by CII in collaboration with the Ministry of External Affairs (MEA) and the ASEAN-India Centre (AIC). The event saw Indian and ASEAN ministerial representatives giving keynotes and engaging in fruitful dialogue. The summit also featured exclusive B2B and B2G meetings that allowed delegates to explore new avenues of business.

The ASEAN-India Business and Investment Meet & Expo 2018

CII is organizing the ASEAN-India Business and Investment Meet & Expo 2018 in collaboration with the Ministry of Commerce & Industry and the Ministry of External Affairs (MEA). The summit is being organized in the backdrop of the 31st ASEAN Leaders Commemorative Summit in New Delhi which will host ASEAN countries’ – Heads of State, Senior Government Officials and Industry leaders.

The ASEAN-India Business and Investment Meet & Expo will also feature an exclusive exhibition by Indian companies showcasing their key products.

The Summit presents an exclusive chance for delegates to exchange views with policy makers, industry captains, entrepreneurs and thought leaders. Delegates participating in the summit will also get an opportunity to enhance regional connects through convergence of new business ideas, unveiling of ‘ready-to-invest’ projects and new avenues for fundraising.

Do join us as we kickstart a new era in ASEAN-India economic ties!

2018’s Challenge: What Are Crypto Assets Really Worth?

Bradley Miles and Sid Kalla are the co-founders of Turing Group, an incubation and advisory firm focused on token protocol design and the ICO sales process.

The following article is an exclusive contribution to CoinDesk’s 2017 in Review.

If 2017 has taught us anything, it’s that there’s no shortage of tokens.

 

Yet, this strength in numbers has brought pitfalls for new investors and analysts, many of whom seem to be having a hard time trying to understand or value their options. Why is that? After all, Wall Street has been valuing other asset classes like stocks and bonds for over a century, and it has a fairly sophisticated models to value derivatives.

One of the primary reasons is that token behaviors can be vastly different among projects.

This is quite unlike the behavior or some traditional assets, such as stocks, which have very well defined value characteristics (dividends and price appreciation, arising out of expectations of future cash flows generated by a firm). In contrast, the value characteristics of crypto assets are very hard to define, let alone standardize for a valuation framework.

Sharing the wealth

The good thing though is we can witness, in real time, great economic experiments, even if most of them fail.

Even small choices in designing the right token can lead to differences in how the ecosystem distributes the value it creates. There is no universally right token design, only lessons learned and best practices to be gleaned.

This flexibility is a double-edged sword – there are unprecedented possibilities when it comes to designing the crypto-economic characteristics of protocols, but it’s also easy to mess up. This new asset class is going to be unlike anything we’ve seen before, and we’ll need our own unique set of tools and mental models to get things right.

After the speculative dust settles, crypto assets need to justify their valuation. The value that accrues to a token, however, isn’t trivial to identify or define. It is possible to create an immensely successful platform or protocol enabled by a token, where the value accrues to the users instead of the token holders.

One such example is the “utility token,” which we’re beginning to understand could support a huge economy with only a very small monetary base, if the velocity of money is high. In this way, entrepreneurs designing the next generation of crypto protocols need to realize that the role of the token is not just in creating value but also distributing that value.

One for all

As investors become more sophisticated and begin to grasp the underlying fundamentals of value creation in the ecosystem, they will naturally gravitate toward the protocols where reasonable value accrues to the token holders. The success of the protocol or the company building the protocol isn’t necessarily a measure of the success of the token.

Investors doing their due diligence need to understand the whole spectrum of token characteristics, from the token’s monetary policy to how the token facilitates interaction among the users. Add in the technical complexities of a lot of these projects, and you begin to get an idea of how early we are in this space.

Ultimately, the role of the crypto token in the protocol is essential to get right, but it isn’t a sufficient condition.

The token needs to do several things, and do them all right. It needs to incentivize the right economic behavior from the participants. It needs to enable the right modes of interaction among the stakeholders, including the users, investors and the development team. It needs to be able to build network effects and grow the ecosystem without hampering the incentives of existing stakeholders.

It needs to ensure that value is generated on the platform, and that value is distributed among the different stakeholders fairly in order to sustain the ecosystem for the long run.

Still have questions about tokens and ICOs? Share your thoughts on the ecosystem’s outlook. Email news@coindesk.com to make your views heard.

Bitcoin on scale via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Canadians Harness Wind to Mine Bitcoin – in Romania

 

Canadian investors have decided to put money and effort into a wind-powered crypto mining undertaking in Romania. To make it happen, they have finalized a deal to acquire a wind farm capable of producing enough energy to light the bulbs in over 30,000 homes. Driven by enthusiasm about the project, they have even added “Blockchain Power” to their company’s name.

Who Told Them About China?

It is unclear if the Canadians knew in advance about the closed-door meeting in Beijing on the use of electricity by bitcoin miners. Regardless, they have obviously made a strategic decision to spend their money several time zones to the west of the People’s Republic – in Dobrogea. The region is shared by the poorest EU member states – Romania and Bulgaria. It is a flat, wheat growing land, with no hills or mountains to stop the constant air currents from all cardinal directions. Wind farms are a common sight there.

The Ontario-based Transeastern Power Trust has just finalized a deal to acquire the Dorobantu wind park that had been developed there by OMV Petrom with a €90 million investment. The company intends to use the farm to power the mining facilities it is planning to set up in its vicinity. Cryptocurrencies, including bitcoin, will be mined there, according to Romanian media reports.

Transeastern completed the acquisition of the 45MW wind park using $23 million of short-term bridge financing and €2.8 million vendor financing from OMV Petrom. The debt will be repaid from the proceeds of the previously announced $40 million private placement scheduled to close in the first week of January. The utility company has already announced a decision to change its name to Blockchain Power Trust, in line with its focusing on mining virtual coins.

We believe we will be the pioneers of a new and robust business model, switching from a utility company to a vertically integrated cryptocurrency mining operation.

These are the words of Mr. J. Colter Eadie, Chief executive officer of Transeastern. He also added that the name change and the implementation of a new trading symbol will better reflect the Trust’s expansion into cryptocurrency mining powered predominantly by its self-generated, 100% renewable energy. The company is working on similar projects through its subsidiaries elsewhere in Europe, including the Netherlands.

Winds Will Blow Even If Coal Burns Out

The Canadian company has already entered into a non-binding agreement to buy mining equipment for which it expects to pay approximately $23 million. According to Transeastern, its new mining farm will have a processing power of 90.7 PH/s. That translates into generating about 30 bitcoins per day.

Chinese coal may burn out for crypto miners and gorgeous “Gorges” dams may dry out, but it is still a huge global village. From Romanian winds and Dutch waves, to bursting geysers in Iceland and sun catching mirrors in Arizona – there is a lot of energy to prove the work for Bitcoin.

And it’s not just about North Americans or Eastern Asians: Bitcoin is growing big in obscure corners of good ol’ Europe, too. Romanian cryptocurrency exchange CoinFlux announced last year that almost $24 million (100 million RON) worth of cryptos had been traded on its platform since its inception in late 2015, And those were figures from times when bitcoin was trading for a thousand dollars.

The Transeastern “Blockchain Power” Trust from Canada seeks to provide investors with “long-term, stable distributions, while preserving the capital value of its portfolio through investment”. Bitcoin mining sounds like something the company can utilize to deliver on that promise.

Do you think miners will relocate to other regions after China’s decision to quit preferential policies for them? Tell us in the comments section below.


Images courtesy of Shutterstock.

 

Source: https://news.bitcoin.com/canadians-harness-wind-to-mine-bitcoin-in-romania/

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