Thailand eyes cryptocurrency to boost economy
Thai Prime Minister Paetongtarn Shinawatra has announced the government’s decision to allow the use of payment products and services through digital assets in storage areas in Phuket, a popular island destination in the country.
Thai Prime Minister Paetongtarn Shinawatra at a recent press conference. Photo courtesy of VNA.
Shinawatra said the Thai government plans to use the initiative to target foreigners. The PM believes using digital assets will make it easier for the identified category of foreigners to adapt to their lifestyles, according to news site coinedition.com.
Finance Minister Chunhavajira announced that the program would roll out later this year. While acknowledging existing unsupervised systems for digital assets, he emphasized the government’s commitment to harmonizing and regulating these platforms for smooth implementation.
Chunhavajira highlighted the government’s determination to follow up plans and ensure digital assets become part of Phuket’s financial ecosystem.
Thailand’s move aligns with broader plans for crypto adoption, including a crypto sandbox programme centred on stablecoins. The sandbox aims to mitigate risks while fostering innovation by enabling businesses and consumers to experiment with crypto transactions.
The pilot program in Phuket is expected to support the tourism sector, making it easier for businesses and visitors to leverage digital assets securely and efficiently.
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