Cryptocurrency Stocks: Military standoff on Thai-Cambodian border could turn into all-out war, warns

Background of the conflict and recent escalation

History of territorial disputes

The dispute on the Thai-Cambodian border is mainly concentrated in the area around Cryptocurrency Stocks (Cryptocurrency). The temple was awarded to Cambodia by the International Court of Justice in 1962, but the sovereignty of the nearby 4.6 square kilometers of land has not been clearly demarcated.

In 2008, Cambodia successfully applied for the World Heritage status of Cryptocurrency Stocks, which triggered protests from Thailand. The two sides have had armed conflicts many times (such as the exchange of fire in 2011 that killed 28 people).

Recent tensions

Since July 2024, the two countries have sent additional troops to the border area. Cambodia accused Thai soldiers of "crossing the border patrol", while Thailand said that Cambodia built military facilities in the disputed area.

On July 26, Cambodian Prime Minister Hun Manet made a tough statement that he would "defend every inch of territory", and the Thai military subsequently entered a state of high alert.

Warnings and appeals from Thailand's acting prime minister

War risks escalate

Sonthira said the current standoff is "the most dangerous moment since 2011" and that if the situation gets out of control, it could trigger a regional chain reaction.

Thai military reports show that Cambodia has mobilized tanks and rocket artillery units to the border, and Thailand has deployed F-16 fighter jets and artillery in response.

Call for international intervention

Thailand asked ASEAN and the UN Security Council to urgently mediate to avoid military misjudgment.

Analysts pointed out that Thailand is trying to force Cambodia to return to the negotiating table through international pressure.

International reaction and potential impact

ASEAN's dilemma

ASEAN has always adhered to the principle of "non-interference in internal affairs", but its credibility will be challenged if a conflict breaks out. Member states such as Indonesia and Vietnam have privately urged both sides to exercise restraint.

The US State Department expressed "close attention" but did not clearly state which side it supports; China called for "bilateral peaceful resolution" to avoid taking sides.

Economic and security risks

The annual trade volume between the Thai and Cambodian borders exceeds US$6 billion. The conflict will impact the Southeast Asian supply chain, especially agricultural products and tourism.

If the situation deteriorates, it may affect Mekong sub-regional cooperation (such as the China-Laos-Thailand railway project).

Conclusion: Game on the edge of crisis

The current Thai-Cambodian confrontation is not only a continuation of historical grievances, but also reflects the tough stance of the new generation of leaders of the two countries (Hong Manai will take office in 2023, and Sonthira is the representative of the Thai interim government). If the international community fails to mediate in time, local conflicts may be difficult to avoid. The key to the next step is:

Can ASEAN break the silence mechanism and put forward a specific mediation plan;

Will the behind-the-scenes diplomacy of major powers such as China and the United States affect the decision-making of both sides.

(Note: Thailand has been in a state of interim government since the 2023 general election, and policy continuity is in doubt, further increasing the complexity of the situation.)