Phuket Considered for New Cryptocurrency Hub to Boost Tourism

[webfact]

Reference picture courtesy: FreePik

 

Phuket may soon transform into a cryptocurrency haven as Thailand explores new ways to boost its tourism economy. Former Prime Minister Thaksin Shinawatra has proposed the island as the ideal location for a 'crypto sandbox', allowing visitors to freely utilise digital currencies like Bitcoin during their stay.

 

While other nations are still engaging in preliminary talks about embracing cryptocurrency, Thailand is poised to take decisive action. Thaksin believes the country is better prepared than its Southeast Asian peers to harness the financial potential of digital assets.

 

This is especially relevant following the cryptocurrency-friendly policies announced by the US under President Trump, which have been drawing global attention towards digital currencies.

 

A cryptocurrency sandbox is an experimental initiative permitting cryptocurrencies to function as viable alternatives to traditional money. This could streamline transactions for large purchases, such as real estate, which are commonplace among tourists in locations like Phuket.

By reducing the need to handle physical cash, this initiative potentially harnesses the substantial funds tourists bring but previously spent outside formal channels.

 

The head of Gulf Binance, Nirun Fuwattananukul, argues that a crypto-friendly environment in Phuket could elevate Thailand as a magnet for tourists, digital nomads, and innovative startups. This move aligns with Thailand's strategy to position itself as a forward-thinking nation.

 

However, there are hurdles to this ambition. Currently, the Bank of Thailand doesn't permit cryptocurrencies like Bitcoin as valid payment methods, even as the nation's Securities and Exchange Commission oversees crypto exchanges. Developing a regulatory framework to manage these transactions safely is crucial for success.

 

Implementing a crypto sandbox in Phuket will require new laws and financial regulations. Udomsak Rakwongwan from FWX notes merchants' reluctance to accept digital currencies due to accounting difficulties and price instability. Meanwhile, authorities will need to balance innovation with risk management to maintain Thailand's economic stability.

 

Encouragingly, the idea dovetails with Thailand's efforts to embrace cutting-edge payment technologies. The central bank has already initiated projects such as using stablecoins linked to the baht for payments, underscoring the nation's commitment to digital financial solutions.

 

With this proposed sandbox, Thailand aims to tweak traditional economic models and pave the way for groundbreaking digital transactions.

 

By embracing and regulating these financial innovations, the country could potentially emerge as a leader in digital asset management in the region. Should these initiatives in Phuket prove successful, they could serve as blueprints for further projects across the nation, reported Bangkok Post.

 

-- 2025-02-01

 

 

[ikke1959]

A new hub in the land of hubs.....  Better should be a hub for infrastructure for tourism and a hub for clean air

[OneMoreFarang]

49 minutes ago, webfact said:

Former Prime Minister Thaksin Shinawatra has proposed the island as the ideal location for a 'crypto sandbox', allowing visitors to freely utilise digital currencies like Bitcoin during their stay.

Never underestimate the stupidity of that guy.

When will he finally retire and play with his grandchildren, like he promised many many times?

Or just put him in jail.

Is there anybody out there who is not tired of that guy? 

[daveAustin]

^^^ Don’t particularly like him, but he’s certainly not stupid and Thailand would do well to move in this direction. 

[Thailand]

How many tourists pay with Crypto?

[Forrests Father]

I am an old fart and I have no experience in Crypto. But it could be a great idea. Crypto would solve the problem about taxation of foreign income brought into Thailand. Right?

😉 

[Karma80]

Phuket is the new hub of money laundering. Just opening the floodgates to more Russian mob cash and tax evasion.

[KireB]

Bitcoin is perfect to launder criminal money. No questions asked. 

[zzzzz]

with the hassles  of paying with qr codes an your phone at places in Phuket ( i hate getting in line  behind someone doing this)
i can only imagine the problems this will bring

[OneMoreFarang]

Can someone please explain to me how to make a place a cryptocurrency hub? As far as I know the idea is that cryptocurrency works without borders. You can mine it anywhere, store it anywhere, use it anywhere.

If any business in Phuket or anywhere else in Thailand wants to accept cryptocurrency then I guess they can do that already. Or not?

 

So, what would be a cryptocurrency hub? Paying the hotel and the taxi and in the restaurant with cryptocurrency? How exiting.

And does everyone have to do that or is it optional? 

 

And would anybody who has a lot of cryptocurrency chose Phuket as a holiday destination only because it is a or the cryptocurrency hub?

 

What is the point?

[OneMoreFarang]

2 minutes ago, zzzzz said:

with the hassles  of paying with qr codes an your phone at places in Phuket ( i hate getting in line  behind someone doing this)
i can only imagine the problems this will bring

 

I use that only if necessary, but if people are prepared for it, then it's a fast and convenient way to pay.

[BangkokReady]

6 minutes ago, zzzzz said:

with the hassles  of paying with qr codes an your phone at places in Phuket ( i hate getting in line  behind someone doing this)
i can only imagine the hassles this will bring

 

The problem is, so many people go through the whole transaction, then once the QR code comes up, they then get their phone out, unlock it, open the app, update the app, and so on.  If they all had the app open at the start with the reader ready, it would be a lot smoother.

[simon43]

1 hour ago, Thailand said:

How many tourists pay with Crypto?

Russian mafia.....

[PomPolo]

That's an old photo with BC at $9k its $105k today, also don't reckon this idea will do much to get Thailand off the US Treasury watch list!

 

[Gottfrid]

3 hours ago, webfact said:

Former Prime Minister Thaksin Shinawatra

I will fix that: Former De facto Prime Minister Thaksin Shinawatra

[thaibeachlovers]

46 minutes ago, KireB said:

Bitcoin is perfect to launder criminal money. No questions asked. 

Probably why it's popular.

[thaibeachlovers]

3 hours ago, webfact said:

Former Prime Minister Thaksin Shinawatra has proposed the island as the ideal location for a 'crypto sandbox', allowing visitors to freely utilise digital currencies like Bitcoin during their stay.

Anyone believes anything that criminal says deserves to be taken for everything they have. Why isn't he in jail playing hide the sausage instead of trying to steal even more money?

 

Phuket is the perfect place for a crook promoting a made up currency, being the a **** of Thailand, and perhaps even the planet.

[thaibeachlovers]

44 minutes ago, BangkokReady said:

 

The problem is, so many people go through the whole transaction, then once the QR code comes up, they then get their phone out, unlock it, open the app, update the app, and so on.  If they all had the app open at the start with the reader ready, it would be a lot smoother.

Try standing behind some old idiot at a supermarket checkout while they try to work out how to pay with a phone then. Far far more irritating. Some old people shouldn't be allowed out without a minder.

[cjinchiangrai]

2 hours ago, daveAustin said:

^^^ Don’t particularly like him, but he’s certainly not stupid and Thailand would do well to move in this direction. 

It is a fraud