Binance supports Bitcoin proposal by Thaksin – Bangkok
Binance, the world’s leading cryptocurrency platform, is backing former Thai premier Thaksin Shinawatra’s proposal for a pilot Bitcoin payment project. This initiative aims to enhance Thailand’s competitiveness and appeal to tech-savvy tourists. However, before moving forward, the Bank of Thailand needs to conduct a thorough evaluation of the risks involved, according to Nirun Fuwattananukul, CEO of Gulf Binance.
Nirun believes that integrating cryptocurrencies into Phuket’s economy aligns well with Thailand’s strengths in tourism and foreign investment. He emphasized that cryptocurrencies come with risks such as volatility, security, and regulatory challenges, which need to be carefully understood and managed.
Implementing a sandbox approach, as proposed by Thaksin, would provide a controlled environment for monitoring and assessing the implications of Bitcoin payments. This strategy would help in gaining practical experience and ensuring that risks are mitigated before widespread adoption.
Nirun pointed out that while Bitcoin payments are already in use in countries like the US and Japan, Thailand’s restricted currency system poses unique challenges. Introducing cryptocurrencies as a payment method could impact monetary flow and the central bank’s ability to manage economic stability, requiring a comprehensive study by the Bank of Thailand.
Moreover, regulatory updates would be essential to pave the way for this initiative. Coordination between the central bank and the Securities and Exchange Commission (SEC) would be crucial to align regulations and establish an effective framework. Key considerations include consumer protection, anti-money laundering measures, and the overall financial stability of Thailand.
In conclusion, Nirun highlighted that a successful pilot project in Phuket could position Thailand as a regional leader in digital innovation. By embracing cryptocurrencies responsibly, Thailand could enhance its global reputation and attract investors and visitors interested in cutting-edge financial technologies.
