Thailand’s Finance Minister Pichai Chunhavajira commented on the possibilities of expanding digital asset usage in the country, highlighting several existing hurdles.
Plans for Cryptocurrency Adoption
When asked why Thailand is not following the global trend of cryptocurrency adoption, the minister stated that due to growing demand and geopolitical conditions, more individuals are seeking alternatives to conventional currencies. However, he also noted that the country is not yet fully prepared for digital currency adoption, and the government is working on creating platforms to identify potential users.
Phuket Pilot Project
The ministry plans to launch a cryptocurrency payment pilot in a sandbox environment on the island of Phuket. The project is aimed at allowing tourists to register and convert cryptocurrencies to Thai Baht for purchases. This initiative will be conducted according to existing legal frameworks.
Remaining Barriers
Despite these initiatives, several barriers remain. Thailand’s central bank is against decentralized digital assets and banned crypto payments in 2022. Additionally, foreigners cannot access local payment platforms without a citizen's ID card. The implementation of tax reforms could also affect foreign investment. The transition of Thailand’s digital asset market from retail to a more institutional focus presents further challenges.
Thailand continues to explore cryptocurrency payment possibilities, yet several barriers must be overcome for full implementation.
