Binance endorses Thai ex-PM’s proposal for a pilot Bitcoin project

by

As a seasoned crypto investor who has witnessed the meteoric rise and fall of numerous digital currencies, I find myself intrigued by Thailand’s foray into Bitcoin payments, particularly in Phuket. Having traveled extensively and experienced the allure of this beautiful tourist destination, I can only imagine the potential benefits that embracing cryptocurrency could bring to both locals and tourists alike.

The leader of Binance‘s operations in Thailand has suggested that the Bank of Thailand should take into account the idea put forth by former Prime Minister Thaksin Shinawatra regarding a trial run of using Bitcoin for transactions, to prevent the country from falling behind on this technological advancement.

The Bangkok Post reports that Thailand is moving forward in making a Bitcoin (BTC) payment trial, as suggested by the ex-Prime Minister, a tangible reality. It appears that Binance’s Thai branch will assist in this initiative, which aims to transform Phuket into a test area for Bitcoin transactions within tourism.

Considering that our nation heavily depends on tourism and foreign investments, adopting cryptocurrencies in Phuket’s economy might be advantageous, as it could appeal to technologically inclined tourists and investors, aligning with Thailand’s strategic assets.

Nirun Fuwattananukul serves as the CEO for Gulf Binance, a collaboration between Binance Thailand and Gulf Innova.

Fuwattananukul saw this concept as a progressive move to enhance Thailand’s standing within the global economy, given that countries such as the U.S. and Japan are increasingly exploring Bitcoin as an alternate form of currency. He is convinced that Thailand should not lag behind in terms of cryptocurrency adoption.

In contrast to some other nations, Thailand’s legal framework requires all transactions to be conducted in local currency. The Bitcoin trial initiative offers the central bank an opportunity to evaluate both the potential risks and advantages of using cryptocurrencies.

Fuwattananukul stated that if Bitcoin or other digital currencies are adopted for transactions, it may influence the direction of financial streams and the Bank of Thailand’s capacity to maintain economic balance.

In Thailand, it’s the Bank of Thailand that is responsible for supervising the payment system, but when it comes to digital assets, those matters are handled by the Thai Securities and Exchange Commission.

As per the Gulf Binance chief, it’s crucial for the central bank and SEC to collaborate and harmonize their regulatory structures to oversee this pilot project effectively. Priority areas will be safeguarding consumers, implementing anti-money laundering protocols, and assessing potential effects on Thailand’s financial system stability.

He mentioned that the structure for regulation should guarantee that cryptocurrency transactions align with the nation’s current monetary guidelines and foreign exchange regulations.

According to earlier reports from crypto.news in November, Binance has been looking at Thailand as a significant market for promoting widespread cryptocurrency acceptance. As Thailand gradually embraces crypto regulations, the country is becoming increasingly appealing to Binance.

As a researcher, I’d like to share an interesting insight I recently came across. According to Binance’s Chief Marketing Officer, Rachel Conlan, Thailand stands among the top 20 markets for Binance, a significant player in the cryptocurrency sphere. Remarkably, the local crypto penetration in Thailand is estimated to be twice the global average, with Thai users adopting cryptocurrencies at a rate of 12%, compared to the global average of 6%. This suggests a robust and growing interest in digital currencies within the Thai market.

Read More

2024-12-26 12:39