Former Prime Minister Shinawatra urges the government to intensify studies on digital assets to keep the country competitive on the global stage.
During a conference in Hua Hin, former Thai Prime Minister Thaksin Shinawatra made an appeal to the government, emphasizing the urgency for Thailand to deepen its study of cryptocurrencies in order to keep pace with the evolution of the global economy.
In his speech, the former Prime Minister revealed that Prime Minister Yingluck had ordered the Ministry of Finance to set up a sandbox to experiment with accepting Bitcoin payments in Phuket and to study the issuance of stablecoins backed by government bonds instead of printing banknotes.
Shinawatra stated:
“What I am saying is not to buy it, but the trend is like that. Today, the Thai people must reflect and understand this reality. The Prime Minister may assign the Ministry of Finance to study whether to accept Bitcoin or not. Can we use sandboxes in tourist areas like Phuket or Hua Hin? Use Bitcoin to allow people who hold it to spend it.”
He also highlighted the potential implications of the Trump administration’s trade policies and its intention to use Bitcoin for national debt.
Thailand is already making strides in the digital asset sector. The Thai SEC has established a regulatory framework to allow selected providers to experiment with digital assets and intends to grant access to crypto investments for mutual and private funds, fostering institutional adoption in the country.
In September, Kasikornbank became the first authorized crypto custodian in the country. In October, the Bank of Thailand initiated a partnership with the Hong Kong Monetary Authority to test cross-border tokenized regulations.
