Thailand could become the next country to foray into Bitcoin payment after considering a proposal to launch a pilot program.
With most countries turning to cryptocurrencies as a means of settlement, Thailand could become the latest to adopt the nascent asset. According to Bangkok Post, a local Thai news outlet, the Asian country is considering launching a pilot Bitcoin payment platform.
The report confirmed that Thailand is considering the proposal its former prime minister, Thaksin Shinawatra, brought forward. The initiative would see Thailand enhance its competitiveness in the global landscape by allowing tourists to make payments using cryptocurrencies.
Pilot Program Attracts Binance
Notably, the proposed Bitcoin payment program has received support from Binance’s Thai subsidiary, Gulf Binance. The exchange’s CEO, Nirun Fuwattanankul, endorsed the pilot program, could be tested in Phutex City, a notable tourist attraction in the country.
Fuwattanankul insisted that the Phutex Bitcoin payment sandbox program is a positive step for the crypto industry and Thailand. Furthermore, the initiative demonstrates Thailand’s commitment to evolving with technological advancements.
However, a significant constraint persists. The Bank of Thailand, the nation’s central bank, prohibits using cryptocurrencies as a payment method.
Thailand operates under a restricted currency system, which gives the central bank control of the means of settlement. Hence, the central bank sees digital asset payment as a ploy to deflect its ability to monitor the financial system and protect residents from bad actors. Meanwhile, the country’s Securities and Exchange Commission (SEC) regulates crypto assets.
As a result, the Bitcoin payment pilot program hinges on close collaboration between the Bank of Thailand and the SEC. The partnership would establish a framework for Thailand to embrace the emerging sector’s payment solutions.
Escalating Crypto Adoption
Notably, Thailand’s proposed foray into Bitcoin payment mirrors a broader warmth towards the sector. Countries worldwide are beginning to adopt Bitcoin as a store of value and a means of decentralized settlements.
For context, Russia recently confirmed the use of cryptocurrency as a means of cross-border payment despite Western sanctions. The world’s largest country by land mass has also allowed Bitcoin mining and is considering adopting the asset as a strategic reserve currency.
Other countries, including the United States, Canada, and Brazil, are also warming towards Bitcoin. The pioneering cryptocurrency surged to $108,000 earlier this month, spurred by US President-elect Donald Trump’s endorsement.
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