Thailand is looking into using Bitcoin payments in its tourism sector, with Phuket as a possible testing location in the Digital Asset Regulatory Sandbox starting in 2024.
Thaksin Shinawatra, a former Prime Minister and supporter of cryptocurrencies, suggested that using Bitcoin for tourism could bring in tech-savvy tourists and boost the local economy. He pointed out that Thailand depends a lot on tourism and foreign investment, which makes it a good fit for using cryptocurrency.
Thaksin proposed making stablecoins supported by government bonds to boost economic liquidity and predicted that Bitcoin might reach $850,000, encouraging the country to stay updated with global cryptocurrency trends.
The Bank of Thailand does not allow Bitcoin payments because it wants to keep control of the national payment system. A pilot program would require teamwork between the central bank and the SEC, which oversees digital assets.
Nirun Fuwattananukul, CEO of Gulf Binance, shared Thaksin’s views, highlighting that using cryptocurrencies could boost Thailand’s economic strengths. Regulatory approval is still a big hurdle, requiring the central bank and SEC to work together for progress.
Thaksin suggested starting pilot programs in popular tourist spots like Phuket and Hua Hin, enabling Bitcoin holders to use their assets for buying things. He explained that his support is not about financial advice but a request for Thailand to accept the changing digital economy.
Thailand has a large number of cryptocurrency users, with over 15.43 million expected in 2024, but its rank in the Global Crypto Adoption Index has dropped from 10th to 16th.
