Former Thai Prime Minister Thaksin Shinawatra Proposes Turning Phuket into a Bitcoin (BTC) Payment Special Zone

Former Thai Prime Minister Thaksin Shinawatra has proposed turning the tourist city of Phuket into a Bitcoin (BTC) payment special zone, and there has been a positive response to this idea.

Former Thai Prime Minister Thaksin Shinawatra recently proposed designating the tourist destination Phuket as a special zone for Bitcoin (BTC) payments, sparking positive reactions.

According to the Bangkok Post, Gulf Finance CEO Nirun Phuwathananuwong commented on the former prime minister's proposal on the 26th.

Former Prime Minister Thaksin proposed exploring the possibility of making Phuket a special zone for Bitcoin payments in the tourism sector.

Specifically, CEO Phuwathananuwong stated that the proposal "not only reflects the momentum of global virtual asset adoption but also shows that top-level leaders are willing to embrace innovation." He added, “As the adoption of digital and virtual assets accelerates globally, Thailand should not be left behind.”

Moreover, CEO Phuwathananuwong noted that "considering Thailand's reliance on tourism and foreigners, introducing a virtual asset payment system in Phuket aligns strategically." He also mentioned that "a sandbox approach would give regulators time to assess the impact of the pilot project while allowing consumers and businesses to gain experience."

However, CEO Phuwathananuwong highlighted the need for cooperation from regulators and financial institutions in establishing such plans.

He explained that "initiatives to introduce Bitcoin or other virtual assets as a means of payment could affect the Bank of Thailand's risk management capabilities. Hence, the risks and rewards of the plan should be carefully evaluated.”

Additionally, CEO Phuwathananuwong stated that "regulatory changes are also necessary. Currently, the Bank of Thailand strictly prohibits the use of Bitcoin and other virtual assets as a means of payment. The central bank and the Securities and Exchange Commission (SEC) need to establish a framework to effectively manage the initiative.”