According to a report from the Bangkok Post, former Thai Prime Minister Thaksin Shinawatra has recently proposed a pilot program for bitcoin payments in the tourism sector in Phuket. In response, Gulf Binance CEO Nirun Fuwattananukul expressed a positive view during an interview, although it should be noted that the Bank of Thailand still prohibits the use of bitcoin and other cryptocurrencies as a form of payment. (Background: Binance's bitcoin reserves have dropped below 570,000! A new low for 2024, will a 90% surge miracle repeat?) (Further context: K33 Research: If history repeats, bitcoin may reach the peak of this bull market on January 17) Globally, an increasing number of countries and businesses are beginning to support bitcoin as a payment tool, a phenomenon that has become more apparent since Trump's election. In this regard, many countries with little knowledge of bitcoin or cryptocurrencies are also reassessing bitcoin's potential and exploring whether to incorporate bitcoin into their national economic policies. Extended reading: Russia announces: has opened up to using bitcoin for international trade, the next step is to establish BTC reserves? Former Thai Prime Minister suggests a bitcoin tourism sandbox pilot in Phuket According to a report from the Bangkok Post, Thailand is considering a pilot program for bitcoin payments in the tourism sector in Phuket proposed by former Prime Minister Thaksin Shinawatra. In response, Gulf Binance CEO Nirun Fuwattananukul stated during an interview that this proposal is very positive for the crypto industry: This not only reflects the momentum of global cryptocurrency adoption but also shows that top-level leaders are embracing these transformative technologies. As more and more countries adopt digital assets and cryptocurrencies, Thailand cannot fall behind. Nirun further noted that integrating cryptocurrency into Phuket's economy could attract tech-savvy travelers and investors: Given our country's reliance on the tourism industry and foreign capital inflow, integrating cryptocurrency into Phuket's economy may align with Thailand's strategic advantages and has the potential to attract tech-sensitive travelers and investors. Additionally, Nirun also stated that cryptocurrency is a relatively innovative asset class; therefore, implementing a sandbox pilot can ensure a thorough understanding and management of any potential risks before broader adoption: Implementing a sandbox approach is a cautious strategy. It provides a controlled environment for regulators to closely monitor and assess impacts while businesses and consumers gain practical experience. A successful pilot in Phuket could position Thailand as a regional leader in digital innovation. It could enhance our global reputation as a progressive nation ready to embrace the financial future while maintaining a responsible and regulated approach. Rashly introducing bitcoin payments could impact Thailand's monetary system On the other hand, Nirun also mentioned that bitcoin payments are already implemented in several countries such as the United States and Japan, but unlike them, Thailand operates under a restricted monetary system, and introducing it rashly could affect Thailand's monetary system. Therefore, before introducing bitcoin, the Bank of Thailand needs to conduct a comprehensive investigation of the associated risks and benefits: Introducing bitcoin or other cryptocurrencies as a payment method could impact monetary liquidity and the Bank of Thailand's ability to manage economic stability. This necessitates a thorough study of the risks and rewards associated with this move. Furthermore, Thailand's payment system is governed by the Bank of Thailand, which currently prohibits the use of bitcoin and other cryptocurrencies as a form of payment. In this regard, Nirun stated: This plan requires regulatory updates to be realized, which will need discussions between the Bank of Thailand and the U.S. SEC to develop a regulatory framework. Related reports Bitcoin rebounds to $99,900! Analysts: Liquidity will recover after Christmas, optimistic about Trump's inauguration benefits The Taipei District Prosecutor’s Office prosecutes Ko Wen-je on 168 pages! The truth about 1,500 bitcoins exposed: it's all just media personalities making a fuss Hong Kong to launch 'digital gold tokens', launching a crypto platform to compete with bitcoin "Thailand is considering a 'trial use of bitcoin payments' in Phuket, the crypto economy seizes tourism funds" This article was first published in BlockTempo (the most influential blockchain news media).

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