Thailand Considers Bitcoin Payment Pilot Program After Proposal From Former Prime Minister

With most countries turning to cryptocurrencies as a means of settlement, Thailand could become the latest to adopt the nascent asset.

Thailand is considering launching a pilot Bitcoin payment platform, according to a local Thai news outlet.

The initiative would see Thailand enhance its competitiveness in the global landscape by allowing tourists to make payments using cryptocurrencies.

The report adds that the pilot program has received support from Binance’s Thai subsidiary, Gulf Binance.

The exchange’s CEO, Nirun Fuwattanankul, said that the pilot program could be tested in Phutex City, a notable tourist attraction in the country.

“The Phutex Bitcoin payment sandbox is a positive step for the crypto industry and Thailand. It shows that the country is willing to evolve with technological advancements and is taking a proactive approach in exploring the potential benefits of cryptocurrencies,” he added.

However, a significant constraint remains. 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

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.