Former Thai Prime Minister Thaksin Shinawatra recently revealed that the government is researching the acceptance of Bitcoin as a legal payment method and issuing stablecoins to promote the economy. These advances mark Thailand's ambition to become the 'crypto capital' of Southeast Asia.



Bitcoin and Thailand's Tourism Industry



At the seminar on December 13, Mr. Thaksin stated that Prime Minister Yingluck Shinawatra, his daughter, has directed the establishment of a Bitcoin payment testing sandbox at popular tourist destinations such as Phuket and Hua Hin. According to him:



“Payments with $BTC in tourist cities will boost the tourism industry and keep up with the global trend as Bitcoin becomes increasingly widely used.”



This move is not only aimed at economic growth but also puts Thailand on the map of pioneering countries adopting cryptocurrencies.



Stablecoin Backed by Government Bonds



Besides Bitcoin, Mr. Thaksin also proposed issuing #stablecoin backed by government bonds to inject money into circulation without printing more money, thus maintaining cash flow without increasing public debt. He hopes:


• GDP in 2025 reaching 3.5%, even up to 4% by 2026.


• To address the cash flow situation in the economy which is 'frozen' due to banks restricting lending.



Thailand: The “Crypto Capital” is Taking Shape



Thailand has implemented many policies to open up to crypto, including:


• 15% tax exemption on capital gains from cryptocurrencies.


• Allowing large investors to participate in Bitcoin ETF funds in the U.S.


• Proposing to allow mutual funds and private funds to invest in crypto.



These bold steps help Thailand quickly become an attractive destination for investors and businesses in the blockchain sector.



Long-term Vision for Bitcoin



Mr. Thaksin also revealed that the price of Bitcoin could reach 850,000 USD in the near future, according to predictions from financial experts. However, he emphasized:



“Bitcoin is not only an investment asset but also an undeniable trend.”



Conclusion



With the leadership of Prime Minister Yingluck and innovative strategies from the government, Thailand is not only leveraging cryptocurrencies to boost its economy but also asserting its position in the global digital economy era. This is a significant step that promises a bright future for the crypto industry in this country.