As a seasoned investor with roots deeply entrenched in the dynamic world of finance, I find the recent developments in Thailand’s digital economy intriguing and promising. Having navigated through various market fluctuations and trends, I’ve learned that staying informed and adaptable is key to success.
Ex-Prime Minister of Thailand, Thaksin Shinawatra, recently spoke to a crowd at the Intercontinental Hotel in Hua Hin. He emphasized that the Thai government should learn about digital currencies like Bitcoin and other cryptos, and continue their ongoing experimental phase (sandbox) to stay competitive on a global level.
Based on an article from Money and Banking Online, the ex-Prime Minister didn’t advocate for Thailand to initiate cryptocurrency purchases, instead he recommended that Thailand should delve into studying digital assets due to the ongoing global shift towards digitization. In a simplified translation, the former PM stated:
“There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this.”
Shinawarta pointed out that the potential impact of Trump’s proposed trade tariffs and his suggestion to use Bitcoin for debt repayment underscored the need to delve deeper into the realm of the digital economy.
Thailand experiments with the digital economy
By August 2024, the Thai Securities and Exchange Commission (SEC) had introduced a regulatory sandbox for certain service providers, allowing them to test and innovate with cryptocurrencies and digital assets.
Regulatory sandboxes offer companies the opportunity to try out new, innovative financial technologies in a less stringent regulatory setting, free from potential legal issues stemming from state regulations.
In the year 2024, I was fortunate enough to be among the 45 million Thai residents who benefited from the Pheu Thai political party’s fulfillment of their campaign promise. They delivered digital cash in July as part of an economic stimulus package. For those who qualified for their program, like myself, we each received approximately 10,000 baht, which is equivalent to around $280 USD. This was a significant boost that helped many individuals like me weather the economic challenges we faced at the time.
In September 2024, Kasikornbank, one of Thailand’s largest banks, was granted the title as the nation’s first licensed cryptocurrency custodian. These custodial services were specifically designed to cater to digital asset-related companies.
On October 9th, Thailand’s Securities and Exchange Commission put forth a plan that would enable mutual funds, private funds, and similar institutions to invest in cryptocurrencies. This proposal, as per Binance Thailand’s CEO, Nirun Fuwattananukul, is moving the Thai crypto market towards greater institutional adoption of cryptocurrencies, indicating an increasing acceptance of digital assets by larger financial entities.
In October 2024, the Bank of Thailand joined forces with the Hong Kong Monetary Authority (HKMA) in a trial run for tokenized cross-border transactions, which was an aspect of the HKMA’s Project Ensemble.
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2024-12-14 23:11