Thailand must study crypto to stay relevant – former Prime Minister of Thailand
Former Thai Prime Minister Thaksin Shinawatra recently addressed an audience at the Intercontinental Hotel in Hua Hin and urged the Thai government to study cryptocurrencies and keep the sandbox experiment relevant globally.
According to an article from Money & Banking Online, the former prime minister did not suggest that Thailand should buy cryptocurrencies, but urged Thailand to study digital assets amid the current global digitization trend. In the translation statement, the former PM.
“There are already many cryptocurrencies. Some people say that in the future we will have more currencies than countries. Today, Thai people need to think and understand this.”
Shinawatra added that the threat of trade tariffs from the incoming Trump administration and Trump's intention to pay off the national debt with Bitcoin (BTC) are additional reasons to explore and understand the digital economy.
The number of categories for digital assets now exceeds the total number of countries. Source: CoinMarketCap
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Thailand experiments with digital economy.
In August 2024, Thailand's Securities and Exchange Commission (SEC) announced a crypto regulatory sandbox for selected service providers to test digital assets.
Regulatory sandboxes provide a relaxed regulatory environment for businesses to experiment with new financial technologies without fear of legal consequences from state regulators.
Payu Thai's political party promised in its campaign to distribute digital cash to 45 million Thai residents by July 2024 to provide an economic stimulus. Qualifying for the party program earned 10,000 baht, which is roughly $280.
Kasikornbank, Thailand's second largest bank, became the country's first licensed crypto custodian in September 2024. The security service was dedicated to digital asset businesses.
Thailand's SEC presented a proposal on October 9 to allow mutual and private funds to access crypto investments. Binance Thailand CEO Nirun Phuathananukul said the proposal is moving the country's crypto market towards institutional crypto adoption.
In October 2024, the Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to explore cross-border settlements as part of the HKMA's project suite.
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