According to the Bangkok Post, former Thai Prime Minister Thaksin Shinawatra recently proposed a pilot plan for bitcoin payments in the tourism industry in Phuket. In response, Nirun Fuwattananukul, CEO of Gulf Binance, the Thai subsidiary of Binance, expressed a positive view during an interview. However, it is important to note that the Bank of Thailand still prohibits the use of bitcoin and other cryptocurrencies as a form of payment. (Background: Binance's bitcoin reserves fell below 570,000 coins! A new low for 2024, will the miraculous 90% rise repeat?) (Supplementary information: K33 Research: If history repeats itself, bitcoin may reach the peak of this bull market on 1/17) Globally, more and more countries and businesses are beginning to support bitcoin as a payment tool, a trend that has become more evident since Trump's election. Consequently, many countries that know little about bitcoin or cryptocurrency are also starting to reassess the potential of bitcoin and explore whether to incorporate it into their national economic policies. Extended reading: Russia has announced: it has opened up bitcoin payments for international trade, with the next step being to establish BTC reserves? Former Thai Prime Minister suggests a bitcoin tourism sandbox pilot in Phuket. According to the Bangkok Post, Thailand is considering a pilot plan for bitcoin payments in the tourism industry in Phuket proposed by former Prime Minister Thaksin Shinawatra. In response, Nirun Fuwattananukul, CEO of Gulf Binance, expressed that this proposal is very positive for the crypto industry: It not only reflects the momentum of global cryptocurrency adoption but also shows that the highest levels of leadership are embracing these transformative technologies. As more and more countries adopt digital assets and cryptocurrencies, Thailand cannot fall behind. Nirun further stated that integrating cryptocurrencies into Phuket's economy could attract tech-savvy travelers and investors: Given our country's reliance on tourism and foreign capital inflow, integrating cryptocurrencies into Phuket's economy may align with Thailand's strategic advantages and has the potential to attract tech-sensitive travelers and investors. Additionally, Nirun mentioned that cryptocurrencies are 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 prudent 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 an advanced country ready to embrace the financial future while maintaining a responsible and regulated approach. Rashly introducing bitcoin payments could affect Thailand's monetary system. On the other hand, Nirun also pointed out that while bitcoin payments have been implemented in several countries, including the United States and Japan, Thailand operates under a restricted monetary system, and introducing it rashly could impact Thailand's monetary system. Therefore, before introducing bitcoin, the Bank of Thailand must conduct a comprehensive investigation of the related risks and benefits: Introducing bitcoin or other cryptocurrencies as a payment method could affect monetary liquidity and the Bank of Thailand's ability to manage economic stability. This necessitates that the central bank thoroughly study the risks and rewards associated with this move. Moreover, Thailand's payment system is regulated by the Bank of Thailand, which still 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 require discussions between the Bank of Thailand and the U.S. SEC to formulate a regulatory framework. Related reports: Bitcoin rebounds to $99,900! Analyst: Liquidity will recover after Christmas, optimistic about Trump's inauguration benefits. The Taipei District Prosecutor's Office indicts Ko Wen-je on 168 pages! The truth about 1,500 bitcoins exposed: it’s all about the media personalities rambling. Hong Kong will launch a 'digital gold token,' launching a crypto platform to compete with bitcoin. "Thailand is considering 'trial use of bitcoin payments' in Phuket, seizing tourism financial opportunities in the crypto economy" was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

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