EddieJayonCrypto
26 Dec 24
Thailand has made significant strides in the crypto sector, including the launch of its Digital Asset Regulatory Sandbox and a proposal by former Prime Minister Thaksin Shinawatra to use Bitcoin for tourism payments. He is a strong advocate for cryptocurrencies and has suggested piloting a Bitcoin p...
Thailand has been actively exploring the use of digital currencies, with plans to launch a Digital Asset Regulatory Sandbox in 2024 for experimentation. Notably, former Prime Minister Thaksin Shinawatra has advocated for the integration of Bitcoin in Thailand's economy, particularly for tourism payments. Despite regulatory challenges, Thaksin strongly supports embracing cryptocurrencies to stimulate economic growth. While Statista predicts a substantial rise in cryptocurrency users in Thailand, with an estimated 15.43 million users by 2024 and a projected 17.67 million by 2028, Chainalysis ranks Thailand 16th in the Global Crypto Adoption Index for 2024, down from 10th place the previous year. Thaksin proposed a Bitcoin payment project in the tourism sector, despite the current prohibition by the Bank of Thailand. This initiative could potentially attract tech-savvy visitors and investors, according to Nirun Fuwattananukul, the chief executive of Gulf Binance. However, discussions between the Securities and Exchange Commission and the central bank are crucial for such experiments to proceed. Thaksin has expressed strong support for embracing cryptocurrencies, predicting Bitcoin's price to reach $850,000 and proposing the issuance of stablecoins backed by government bonds to enhance liquidity and support the economy. Additionally, Statista's data indicates a significant number of cryptocurrency users in Thailand, reaching over 21% of the population by 2024, albeit with a projected slowdown in growth over the next four years. Despite these efforts, Thailand's ranking in Chainalysis's Global Crypto Adoption Index has declined. This reflects contrasting dynamics in the country's approach to cryptocurrency adoption, signaling both progress and challenges in its crypto endeavors.