Thailand could become the next country to jump into Bitcoin payments after considering a proposal to launch a pilot program.
With most countries adopting cryptocurrencies as a means of payment, Thailand could be the last country to adopt the emerging asset. Accordingly Bangkok Posta local Thai news outlet, the Asian country is considering launching a pilot Bitcoin payment platform.
The report confirmed that Thailand is considering the proposal of its former prime minister Thaksin Shinawatra. Through the initiative, Thailand would improve its competitiveness in the global landscape by allowing tourists to make payments using cryptocurrencies.
Pilot program attracts Binance
Notably, the proposed Bitcoin payment program was supported by Binance’s Thai subsidiary, Gulf Binance. The exchange’s CEO Nirun Fuwattanankul endorsed the pilot program, which could be tested in Phutex City, a notable tourist attraction in the country.
Fuwattanankul emphasized that Phutex’s Bitcoin payment sandbox program is a positive step for the crypto industry Thailand. Furthermore, the initiative demonstrates Thailand’s commitment to evolve with technological advancements.
However, a significant limitation still exists. The Bank of Thailand, the country’s central bank, bans the use of cryptocurrencies as a means of payment.
Thailand operates under a restricted monetary system that gives the central bank control over the means of payment. Therefore, the central bank sees digital asset payments as a ploy to undermine its ability to monitor the financial system and protect residents from malicious actors. Meanwhile, the country’s securities and…
