Thailand’s Finance Minister, Pichai Chunhavajira, has expressed optimistic views about the increased usage of digital currency transactions within the country, yet there are still various challenges to overcome.
On January 8th, when asked about the topic, Mr. Pichai expressed his viewpoint on why Thailand might consider adopting cryptocurrencies, a form of digital money currently in high demand and traded worldwide.
As the need expands and global political concerns persist, more and more individuals are looking for options beyond traditional money systems,” he noted.
Thailand to Embrace Crypto?
Currently, Thailand isn’t quite ready to embrace digital currencies. Yet, efforts are being made to develop a system capable of identifying potential users and creating a marketplace where these users can trade and interact with each other.
He proposed enabling tourists to buy properties using local exchange systems in Thailand, an action that is not permitted at the moment.
To illustrate, when visitors go to Thailand, they might sign up their coins on a local service that verifies the coins or adheres to ‘know-your-customer’ guidelines. During transactions, they can use these coins at an exchange house of their preference.
He mentioned that both buyers and sellers might not identify the type of currency being exchanged, however, these digital coins will be automatically received within the application. Later, they can be swapped for Thai Baht through clearing services.
Additionally, Mr. Pichai announced plans for a trial run of cryptocurrency transactions, set to debut in a secure testing ground (a sandbox environment) on the popular tourist destination, Phuket, later in the year. He underscored the importance of adhering to current laws and regulations during this experiment.
Barriers Remain
Nevertheless, there are still hurdles to overcome as the central bank of Thailand strongly opposes decentralized digital assets, having prohibited cryptocurrency transactions in 2022.
Furthermore, foreigners find it challenging to use domestic payment systems or cryptocurrency exchanges like Binance Thailand, as they are unable to register due to not having a national ID card.
Additionally, the Thai administration is actively working on significant changes in their tax system, affecting income flowing into the country from abroad. These reforms might potentially discourage foreign investments.
In October, the head of Binance Thailand, Nirun Fuwattananukul, stated that Thailand’s digital assets market is shifting towards a more institutional orientation, moving away from a retail-centric approach.
Currently, the Thai Securities and Exchange Commission (SEC) has suggested regulations enabling higher-tier mutual funds and private funds to invest in cryptocurrency assets, including U.S. spot Bitcoin ETFs. However, these proposals include restrictions on the availability of such investments for individual or retail investors.
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2025-01-10 01:42