The introduction of Thailand’s Digital Asset Regulatory Sandbox in 2024 marked a significant advancement in the cryptocurrency sector.
This action underscores the country’s increasing interest in digital currencies, as former Prime Minister Thaksin Shinawatra has expressed support for the implementation of Bitcoin in the tourism industry.
Thaksin, a prominent cryptocurrency advocate, recently suggested a demonstration project in Phuket that would allow for the use of Bitcoin for tourism payments. He is of the opinion that the integration of digital currencies could be in accordance with Thailand’s assets, particularly in the attraction of tech-savvy tourists and investors.
It is important to note that the Bank of Thailand currently prohibits the use of Bitcoin for payments, which presents a challenge for this initiative. The Securities and Exchange Commission (SEC) regulates digital assets, while the central bank supervises the country’s payment systems. In order to proceed with this endeavour, it would be imperative for the SEC and the central bank to collaborate.
Thaksin, who has consistently advocated for the adoption of cryptocurrencies, has also made audacious predictions regarding the future of Bitcoin, predicting a potential price of $850,000. Furthermore, he suggested the establishment of government-backed stablecoins to improve liquidity. Thaksin posited that these actions would stimulate Thailand’s economy by harmonising with global cryptocurrency trends. Although his vision is ambitious, the Thai government has not yet formally embraced the concept.
In 2024, the cryptocurrency landscape in Thailand is expanding significantly, with an estimated 15.43 million consumers, which accounts for more than 21% of the population. Nevertheless, the nation has experienced a decline in its global rankings, despite this progress. The 2024 Global Crypto Adoption Index by Chainalysis shows that Thailand has slipped from 10th to 16th place, suggesting that despite its embrace of digital assets, the country is encountering difficulties in keeping up with global developments.
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