- Digital assets are overseen by the Securities and Exchange Commission in Thailand.
- The Thai central bank still forbids crypto payments, despite lobbying from businesses and politicians.
Thaksin Shinawatra, Thailand’s former prime minister, suggested a Bitcoin pilot project in Phuket as a test field for the cryptocurrency with an eye on the tourist industry. The CEO of Binance Thailand thinks it’s a great idea and would help the nation compete and attract tech-savvy tourists, so he’s on board with the plan.
But the Thai central bank still forbids cryptocurrency payments. Despite lobbying from businesses and politicians who want to transform the country into a digital powerhouse. According to Gulf Binance CEO Nirun Fuwattananukul, who spoke with the Bangkok Post, the plan shows that top-level executives are embracing these revolutionary technologies and reflects the increasing popularity of cryptocurrencies throughout the world.
Resolving Critical Issues
He went on to say that because Thailand’s economy is heavily dependent on tourists and foreign investment. Thus, incorporating cryptocurrency into Phuket’s infrastructure might play to the country’s strengths. While also appealing to tech-savvy tourists and investors.
On the other hand, digital assets are overseen by the Securities and Exchange Commission (SEC) in Thailand. Whilst payment systems are within the purview of the central bank. In contrast to nations like Japan and the US, which have accepted Bitcoin as payment, Thailand likewise has a limited currency system.
The Bank of Thailand, which has previously been strongly opposed to cryptocurrency, will have the last say over implementation. And there are a number of critical issues that must be resolved before it can take place.
Time may be required for the central bank to complete its risk assessment. Which is especially important in light of the importance of monetary flow and economic stability. And for the BoT and the SEC to work together to update regulatory frameworks.
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