The head of Binance’s Thai division has urged the Bank of Thailand to consider former Prime Minister Thaksin Shinawatra’s proposal for a pilot project using Bitcoin payments to ensure the country remains competitive. The initiative, expected to turn Phuket into a Bitcoin center for tourism, aligns with Thailand’s economic strengths in tourism and foreign investment, according to Nirun Fuwattananukul, CEO of Gulf Binance. He emphasized the urgency for Thailand to keep pace with countries like the U.S. and Japan in adopting cryptocurrencies.
Despite Thailand’s legal restrictions on payments in foreign currencies, this project offers the central bank an opportunity to evaluate the risks and benefits of cryptocurrency adoption. Fuwattananukul noted that integrating Bitcoin could impact monetary policy and economic stability. The collaboration between the Bank of Thailand and the Thai SEC will be crucial to navigating regulatory considerations, including consumer protection and anti-money laundering.
Rachel Conlan, Binance’s Chief Marketing Officer, highlighted Thailand’s potential as a key market for expanding cryptocurrency adoption, given its estimated local crypto penetration of 12%, double the global average. This initiative is part of Binance’s broader strategy to support crypto-friendly regulatory environments in the region.
