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Thailand’s Former Prime Minister Suggests Accepting Bitcoin Payment For Tourists
In a recent development, Thailand’s former Prime Minister, Thaksin Shinawatra, has proposed the acceptance of Bitcoin payments for foreign tourists visiting the country. According to sources, the proposal aims to attract more visitors and boost the economy by providing an innovative payment option.
The idea is not entirely new, as Thailand has been exploring the potential use cases for digital assets in various sectors. In fact, the Securities and Exchange Commission (SEC) has already launched a regulatory sandbox for testing Bitcoin and other cryptocurrencies.
Thaksin Shinawatra, known for his support of cryptocurrencies, believes that this move would greatly benefit the tourism sector and the overall economy. He emphasized that foreign tourists would be drawn to Thailand because of its innovative payment option, which could provide a significant boost to the country’s revenue.
Furthermore, he also proposed developing stablecoins backed by government bonds, which would increase economic liquidity. Notably, he predicted that Bitcoin’s price may rise and reach $850,000 in the future.
Shinawatra urged Thailand to take an interest in global trends, including cryptocurrencies. This suggestion has been met with significant attention from the crypto community, as it could have a profound impact on the adoption of digital assets in Thailand.
However, there is a significant challenge to implementing this proposal. Payment-related legal authorities fall under the jurisdiction of the central bank, which restricts the use of cryptocurrencies in payment systems. Therefore, for Bitcoin payments to be accepted, both the SEC and the central bank would need to cooperate under a new law specifically designed for digital assets.
It remains to be seen whether this proposal will come into fruition or not, but it is undeniably an interesting development in Thailand’s crypto landscape.
Source: bitcoinik.com
