Thailand exploring Bitcoin use case for payment purposes for foreign tourists visiting Thailand.
Thailand is a crypto-friendly jurisdiction. Thailand’s securities regulatory body, SEC, also ensures transparency and investor protection for crypto investors. The rivalry among the different political parties in this country also forced the politicians to support crypto-friendly policies.
In the latest development, Thailand is exploring the potential of Bitcoin payments in its tourism sector, with Phuket as the proposed testing ground under the Digital Asset Regulatory Sandbox launched in 2024.
In the latest development former Thai Prime Minister Thaksin Shinawatra, who is also known for supporting cryptocurrencies, shared his proposal to integrate Bitcoin for payment purposes into tourism. He said that foreign tourists will be attracted to the country because of the Bitcoin payment option.
The former prime minister asserted that Bitcoin & crypto may help to give a better push to the country’s tourism sector & further, will give better support for the country’s economy.
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He also suggested developing stablecoin, backed by government bonds, to enhance economic liquidity. Also, he predicted that the Bitcoin trade price may increase & touch $850k. He urged the country to show interest in global trends, such as crypto.
Crypto enthusiasts see the former PM’s suggestion as very important for the evolution of the crypto sector in the jurisdiction of Thailand, but there’s a very big challenge against his suggestion of using Cryptocurrency in the payment system.
Payment-related legal authorities are under the control of Thailand’s central bank, and we know very well that the Thai Central Bank restricts using Cryptocurrency in the payment systems. Here, we can say that Bitcoin use in the payment system will be possible when the Thai SEC & central bank cooperate under a new law specialised for Cryptocurrencies.
Read also: Nischal Shetty Defends WazirX Exchange By Responding to DMM Bitcoin Hack
Thailand’s former PM suggests accepting Bitcoin ($BTC) payment for tourists
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https://bitcoinik.com/thailands-former-pm-suggests-accepting-bitcoin-btc-payment-for-tourists/feed/
