The CEO of Binance’s Thai branch has encouraged the Bank of Thailand to consider former Prime Minister Thaksin Shinawatra’s proposal for a Bitcoin payments pilot project so that the country is not left behind.
According to the Bangkok Post, Thailand is working to make the ex-prime minister’s proposal for a Bitcoin (BTC) payment pilot a reality. Binance’s Thai arm will reportedly support the pilot project, which aims to establish Phuket as a Bitcoin sandbox for tourism.
“Given our country’s reliance on tourism and foreign inflows, integrating cryptocurrencies into Phuket’s economy could fit well with Thailand’s strategic strengths and potentially attract tech-savvy visitors and investors.”
Nirun Fuwattananukul, Managing Director of Gulf Binance, a joint venture between Binance Thailand and Gulf Innova.
Fuwattananukul viewed the idea as a positive step towards strengthening Thailand’s position in the global economy as more regions such as the US and Japan consider using Bitcoin as an alternative currency. He believes Thailand “cannot be left behind” in cryptocurrency adoption.
However, unlike these countries, Thailand is legally required to limit payments in the local currency only. Therefore, the Bitcoin pilot will allow the central bank to assess the risks and benefits associated with the cryptocurrency.
“The introduction of Bitcoin or other cryptocurrencies as a payment method could have an impact on the flow of funds and the Bank of Thailand’s ability to ensure economic stability,” Fuwattananukul said.