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Binance backs Ex Thailand’s PM proposal for Bitcoin Payment Project
Binance has endorsed a proposal by former Thai Prime Minister Thaksin Shinawatra to implement a Bitcoin payment system in Thailand. The move aims to boost the country’s competitiveness and make it more attractive to tech-savvy visitors.
Thaksin Shinawatra, who served as Prime Minister of Thailand from 2001 to 2006, suggested a Bitcoin Payment Project to enhance the nation’s global appeal and attract foreign investors. Binance, in response, has expressed its support for the initiative, citing the potential benefits it could bring to the country.
The proposal involves Phuket being used as a testing ground for the implementation of a decentralized payment system that utilizes Bitcoin. This would enable tourists to make payments using cryptocurrencies like Bitcoin, which could have significant economic and social implications for Thailand’s economy.
According to Nirun Fuwattananukul, the Chief Executive Officer at Binance in Thailand, the country must not be left behind as more countries are embracing digital assets and cryptocurrency technology. He emphasized that integrating cryptocurrencies into Phuket’s economy could align well with Thailand’s strategic strengths and potentially attract tech-savvy visitors and investors.
While acknowledging the potential benefits of adopting a Bitcoin payment system, Nirun stressed the importance of regulatory oversight to ensure the success of such an initiative. He urged the relevant authorities to conduct thorough research on the risks associated with this move before proceeding with it.
The proposal highlights Thailand’s growing interest in embracing cryptocurrency technology as a means of enhancing its global appeal and competitiveness. This development is part of the country’s effort to position itself as a leader in digital innovation, and by extension, a regional hub for financial transactions.
It is worth noting that other countries have already implemented similar initiatives, including El Salvador, which adopted Bitcoin as a reserve currency, and the United States, which has seen the rise of cryptocurrency-based payments.
Source: www.crypto-news.net
