Bitcoin Payment Pilot In Thailand Is Now Being Explored To Attract Tourists

Key Points:

• Thailand is considering a Bitcoin payment pilot project integrated into Phuket’s tourism sector to attract tech-savvy visitors.
• Experts urge the Bank of Thailand to carefully study risks like currency stability, regulatory challenges, and security issues before adopting cryptocurrency payments.

According to Bangkok Post, Thailand is considering the Bitcoin payment pilot in its tourism sector, and a proposed project in Phuket is receiving cautious support.

Read more: Thailand Busts Illegal Bitcoin Mine after Repeated Power outages

Thailand Considers Bitcoin Payment Pilot to Boost Tourism

However, experts emphasize that the Bank of Thailand should do an appropriate risk assessment before doing this.

The Bitcoin payment pilot could help raise Thailand’s competitiveness, according to Nirun Fuwattananukul, chief executive at Gulf Binance, a joint venture with the global cryptocurrency platform Binance. He argued that such a move would be in line with the tourism-driven economy by appealing to tech-savvy tourists and investors.

Nirun, however, told the audience that there were a lot of risks involved: volatility in prices, uncertainty regarding regulations, and security problems. He said that the way in which the Bank of Thailand, with its restricted currency policy, will affect monetary stability is something that needs proper study.

Regulation News Crucial for Virtual Currencies

Currently, cryptocurrencies in Thailand are regulated by the Securities and Exchange Commission, while the payment systems fall under the ambit of the central bank. Existing regulations ban the use of Bitcoin for payments, so coordination between the SEC and the Bank of Thailand would be needed to create harmony in the policies.

The less-than-enthusiastic Nirun cited lessons that are carried out in countries like the United States and Japan as valuable examples, which would need to be tailored by Thailand to its unique economic context. However, he made it clear that updates would be needed in the fields of consumer protection, anti-money laundering, and financial stability.