For OmiseGo (OMG) cryptocurrency enthusiasts and investors, this might be the good news they have been waiting for. They are in for a bright future if the deal between Omise and the Thailand government sails through successfully. This could be the largest breakthrough for a government to entrust the blockchain technology. OmiseGo seeks to infrastructure in place for a digitalized national identification that doubles up as an online currency processing system.
The Ministry of Digital Affairs seeks to have her citizenry put on a universal digital identification platform that will provide a secure environment again fraud and consumer protection. OmiseGo (OMG) will help come up with a National Digital Identification that protects online privacy and provide a convenient, fast and transparent way of making payments.
Will it be a Smooth Transition?
With the current suspicion between most governments and cryptocurrencies, the Thai-Omise partnership is a massive breakthrough in support for blockchain technology. The collaboration is at its delicate stage and trading carefully is the only way to go.
Given that is the first user case, OmiseGo will have to prove its ecosystems stability for the anticipated demand. OmiseGo is working with the Ethereum developers to ensure they will be able to handle the nationwide demand for their services.
However, OmiseGo is working closely with the Ethereum community to deliver the project. The systems inability to process huge number of transactions might slow down the implementation. If everything goes according to plan, this will be a first for Omise; it will be the first large-scale innovation in the crypto-sphere that allows citizens to pay for government and other services using cryptocurrencies.
The OmiseGo-Thailand partnership will solidify the cryptocurrency position in Asia. This might lead to improved cross border trade thus locking out China and the US from exploiting this cryptocurrency thirsty region. OMG is turning out as unifying factor and giving Thailand the bargaining it deserves.
OmiseGo (OMG) Future
The partnership comes at the right time with a lot of uncertainty of some governments planning to restrict cryptocurrency usage. For OmiseGo, it is a boost for small businesses that rely on micro-transactions and businesses that shy away from cross border trading.
More and more small businesses are bound to come onboard to save on exchange rates and transaction fees. This means increased traction and enhanced route to market for OmiseGo token. If this can be replicated across the larger South East Asia region, the sky could be the limit for OMG.
The Ethereum community is also keen to see OmiseGo succeed. OmiseGo is built on the Ethereum platform and if their partnership with Thailand succeeds, it is a win-win situation for both cryptocurrencies. The Ethereum Community Fund is backing the entire project as a way of making decentralization a reality
OmiseGo (OMG) performance in the digital money market looks healthy after an all-time dip to $9.27 on 5th February. It has been rising steadily and is today trading at $18.30, an impressive gain since news about the partnership hit the media. However, the CoinMarketCap charts show an all-time high of $25.74 January, and indication of the coins potential in the near future.
The entry of OmiseGo into the Asian market with backing from the government is sweet news to investors who are eyeing the coin. There is increased activity around OMG and this has also boosted confidence among stakeholders and enthusiasts as well.
Since OmiseGo (OMG) platform is decentralized, more and more investors are keen to support the project. With the slump and impending ban of cryptocurrencies and Altcoins, OmiseGo and the Thai government have given the industry a new lease of life and a safe haven for investors.