Former Thai Prime Minister Thaksin Shinawatra recently revealed plans for the launch of a cryptocurrency sandbox in Phuket, scheduled for October.
This initiative is part of Thailand’s broader efforts to integrate cryptocurrency into the nation’s economic system, positioning the country as a leader in the digital currency space within the ASEAN region, the Bangkok Post reported.
Phuket: The Digital Currency Hub for ASEAN
Thaksin’s remarks underscore Thailand’s preparedness to embrace cryptocurrency, especially as the global financial landscape, including the US under President-elect Donald Trump, shows increasing interest in the adoption of digital currencies.
Thaksin emphasized that Thailand is more ready than any other ASEAN nation to move forward with cryptocurrency adoption, citing the country’s technological infrastructure and the forward-thinking attitude of its leadership.
The former Prime Minister noted that other ASEAN nations have expressed interest in engaging with Thailand on cryptocurrency matters, seeing it as a unique opportunity to inject fresh capital into the economic system.
He highlighted the urgency of swift action in adopting cryptocurrency, warning that any delay could push the brightest minds in the field to migrate to more crypto-friendly environments like the United States.
Stablecoins and Their Role in Thailand’s Crypto Future
Thaksin made a distinction between cryptocurrency and gambling, stressing that digital currencies should not be misunderstood. According to him, cryptocurrencies are a new form of money, often backed by stable assets like gold or government bonds.
He specifically mentioned “stablecoins” as a safer alternative to other types of cryptocurrencies, arguing that they carry significantly less risk.
While he believes that Thailand should embrace cryptocurrencies, Thaksin assured that high-risk digital currencies would not be accepted in the country.
Phuket as a Bitcoin Testing Ground for Tourism
Thaksin’s proposal to use Phuket as a Bitcoin sandbox, specifically aimed at tourists, is gaining traction. The idea is to encourage international visitors who hold digital currencies to spend them while vacationing in Thailand.
This would not only help integrate digital currencies into the tourism industry but also position Thailand as a more attractive destination for tech-savvy travellers.
Nirun Fuwattananukul, CEO of Gulf Binance, has voiced strong support for the initiative, calling it a positive step towards boosting Thailand’s competitiveness.
Also Read: Thailand Ex-PM Thaksin Asks People to Stay Informed on Bitcoin’s Rise, Urges Same For Govt Policies
He sees the sandbox approach as a smart strategy that will provide the government with the ability to closely monitor the process and evaluate the implications of widespread cryptocurrency use in a controlled manner.
Thailand’s Cryptocurrency Developments and Regional Competition
This initiative aligns with other ongoing cryptocurrency developments in Thailand. The country is considering allowing Bitcoin ETFs on local exchanges, marking a significant step in the formal integration of digital assets into the country’s financial ecosystem.
Furthermore, a pilot project testing cryptocurrency payments for tourists is also set to roll out in Phuket. This project aims to streamline transactions for foreign visitors, making it easier for them to use their digital currencies for everyday purchases.
The move comes at a time when the race to establish a digital assets hub in the Asia-Pacific region is intensifying. Neighbouring countries like Singapore and Hong Kong have already adopted crypto-friendly regulations, and with President-elect Donald Trump’s plans to make the US the world’s leading crypto capital, the competition for leadership in the digital currency space is heating up.
Also Read: Former Thailand PM Thaksin Shinawatra Stays Bullish on Legalizing Crypto and Online Gambling