In 2024, Thailand made important strides in the cryptocurrency sector with the launch of the Digital Asset Management Sandbox. Recently, former Prime Minister Thaksin Shinawatra proposed using Bitcoin to pay for domestic travel.
Thaksin Shinawatra, former Prime Minister, is an ardent supporter of cryptocurrencies and often has positive views and predictions about Bitcoin.
Thailand’s Efforts to Experiment with Digital Currencies
According to Bangkok PostThaksin proposed testing a Bitcoin payment project in the tourism industry, with the location of the sandbox initiative being Phuket.
“Given our country’s dependence on tourism and foreign capital flows, integrating cryptocurrency into Phuket’s economy could align with Thailand’s strategic strengths, potential to attract tourists and tech-savvy investors,” said Nirun Fuwattananukul, chief executive officer of Gulf Binance.
However, as Nirun pointed out, the Central Bank of Thailand currently bans the use of Bitcoin and other cryptocurrencies for payments. This bank manages the payment system.
Meanwhile, digital assets are regulated by the Securities and Exchange Commission (SEC). To carry out such tests, discussions between the SEC and the central bank are required.
Thaksin expressed strong support for the adoption and adaptation of cryptocurrencies such as Bitcoin, calling for Thailand to get in tune with crypto trends to stimulate economic growth. He predicted that Bitcoin could reach a price of $850,000 and proposed issuing stablecoins backed by government bonds to increase liquidity and support the economy.
“What I’m saying is not to buy them, but that’s the trend. Nowadays there are many types of cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this. The Prime Minister can assign the Ministry of Finance to research whether to accept Bitcoin or not. Can tourist areas like Phuket or Hua Hin use sandboxes? Using Bitcoin so those who hold Bitcoin can spend it,” Thaksin stated clearly.
Additionally, data from Statista shows that the number of cryptocurrency users in Thailand in 2024 is estimated at 15.43 million, accounting for more than 21% of the population. Statista forecasts that the growth rate of cryptocurrency users in Thailand will slow down over the next four years, possibly reaching 17.67 million in 2028.
Despite a more open attitude towards cryptocurrency experimentation, Thailand has dropped in the rankings Chainalysis’s 2024 Global Cryptocurrency Adoption Index rankings. In 2023, the country ranked 10th but dropped to 16th in 2024.
