Thailand made significant progress in the cryptocurrency field by launching a digital asset regulatory sandbox in 2024. Former Prime Minister Thaksin Shinawatra recently proposed using Bit to make payments in the tourism sector.
Former Prime Minister Thaksin Shinawatra is a fervent supporter of cryptocurrencies and frequently shares positive opinions and forecasts about Bit.
Thailand's Efforts in Digital Currency Experimentation
According to the Bangkok Post, Thaksin proposed to pilot a Bit payment project in the tourism sector, with Phuket as the location for the sandbox initiative.
"Considering that our country relies on tourism and foreign capital inflows, integrating Crypto.com into the Phuket economy could well match Thailand's strategic strengths and attract tech-savvy visitors and investors." - Niraun Puwattananukulwong, CEO of Gulf Binance.
However, as Niraun mentioned, Thai banks currently prohibit the use of Bit and other cryptocurrencies for payments. The central bank manages the payment system.
Meanwhile, digital assets are regulated by the Securities and Exchange Commission (SEC). Discussions between the SEC and the central bank are essential for such experiments to take place.
Thaksin has expressed strong support for embracing and adapting to cryptocurrencies like Bit. He urged Thailand to promote economic growth in line with the cryptocurrency trend. He predicted that Bit could reach $850,000 and proposed issuing a government-backed stablecoin to increase liquidity and support the economy.
"What I'm saying is not to buy it, but the trend is like that. There are already many cryptocurrencies. Some people say that in the future, there will be more currencies than countries. Today, Thai people need to think about and understand this. The Prime Minister can instruct the Ministry of Finance to study whether to accept Bit. Can we use a sandbox in tourist areas like Phuket or Hua Hin? Let people who have Bit spend their money using Bit." - Thaksin said.
According to Statista, the number of cryptocurrency users in Thailand is expected to reach approximately 15.43 million in 2024, accounting for over 21% of the population. Statista forecasts that the growth rate of cryptocurrency users in Thailand will slow down over the next four years, reaching 17.67 million by 2028.
Despite a more open attitude towards cryptocurrency experimentation, Thailand has dropped in the 2024 Global Crypto Adoption Index by Chainalysis. While it ranked 10th in 2023, Thailand fell to 16th place in 2024.
