Thailand May Explore Bitcoin Payments in Phuket
In 2024, Thailand made significant progress in the cryptocurrency space with the launch of a digital asset regulatory sandbox. Recently, former Prime Minister Thaksin Shinawatra proposed using Bitcoin for travel payments in the country.
Former Prime Minister Thaksin Shinawatra is an avid supporter of cryptocurrencies and often shares positive views and predictions about Bitcoin.
Thailand’s efforts to experiment with digital currency
according to bangkok postThaksin suggested piloting Bitcoin payment Projects in the tourism field, with Phuket as the implementation location sandbox initiative.
Nirun Fuwattananukul, CEO of Binance Gulf, said: “Given our country’s reliance on tourism and foreign capital inflows, integrating cryptocurrencies into Phuket’s economy could be a good fit with Thailand’s strategic advantages, potentially attracting tech-savvy tourists and investors. “
However, as Nirun points out, the Bank of Thailand currently prohibits payments with Bitcoin and other cryptocurrencies. The central bank manages the payment system.
At the same time, digital assets are regulated by the U.S. Securities and Exchange Commission (SEC). In order to conduct such experiments, discussions between the SEC and the central bank are crucial.
Thaksin expressed Strong support for embracing and adapting to cryptocurrencies such as Bitcoin, urging Thailand to align with cryptocurrency trends to stimulate economic growth. He predicted that the price of Bitcoin could reach $850,000 and proposed the issuance of stablecoins backed by government bonds to increase liquidity and support the economy.
“I don’t mean to buy, but that’s the trend. There are already many cryptocurrencies. Some say that in the future we will have more currencies than countries. Today, the Thai people must think and understand this. The Prime Minister can assign the Ministry of Finance to study Is Bitcoin accepted? Can we use sandboxes in tourist areas like Phuket or Hua Hin to allow people who hold Bitcoin to spend money with it,” Thaksin said. point out.
In addition, Statista data shows that the number of cryptocurrency users in Thailand in 2024 will be approximately 15.43 million, accounting for more than 21% of the total population. Statista predicts that the growth rate of cryptocurrency users in Thailand will slow down over the next four years and may reach 17.67 million by 2028.
Despite being more open to crypto experiments, Thailand is in trouble Chainaanalysis 2024 Global Cryptocurrency Adoption Index Rankings. The country ranked 10th in 2023 but fell to 16th in 2024.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
