Phuket as a Bitcoin Payment Hub – Former PM Thaksin’s Vision Gains Momentum

Former Thai Prime Minister Thaksin Shinawatra has proposed transforming Phuket into a special zone where Bitcoin (BTC) payments could be utilized for tourism, an idea that has garnered positive feedback from industry leaders.

Nirun Phuwathananuwong, CEO of Gulf Finance, expressed support for Thaksin’s vision, emphasizing that it reflects the growing global adoption of virtual assets and highlights the willingness of top-level leaders to embrace innovative solutions. He remarked that as digital and virtual asset adoption continues to accelerate worldwide, Thailand should position itself to stay competitive.

Phuwathananuwong further pointed out that introducing a virtual asset payment system in Phuket aligns strategically with Thailand’s dependence on tourism and foreign visitors. He suggested that adopting a sandbox approach could allow regulators to test the initiative’s feasibility while giving consumers and businesses the opportunity to familiarize themselves with digital payments.

Nevertheless, he stressed the importance of collaboration between regulators and financial institutions to implement such a plan effectively. Phuwathananuwong cautioned that integrating Bitcoin or other virtual assets as payment options could challenge the Bank of Thailand’s risk management capabilities. Therefore, he urged a thorough review of the risks and benefits associated with the proposal.

The CEO also underlined the need for regulatory adjustments to make the initiative viable. He noted that the Bank of Thailand currently prohibits the use of Bitcoin and other virtual assets for payment purposes. For the plan to succeed, he said, the central bank and the Securities and Exchange Commission (SEC) must work together to develop a comprehensive regulatory framework to support the initiative.

Thaksin’s proposal has sparked a conversation about how Thailand can harness virtual assets to enhance its tourism industry while maintaining regulatory oversight. Whether this ambitious vision will materialize depends on the country’s ability to balance innovation with risk management.

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